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Waud Capital
2016 Year in Review

About Waud Capital Partners
Based in Chicago, Waud Capital Partners is a leading private equity firm founded in 1993 that partners with exceptional management teams to acquire or create platforms in the U.S. lower middle market through control-oriented growth equity investments, industry consolidation, buyouts or recapitalizations. Waud Capital targets services businesses in large, growing, fragmented markets within two industries: healthcare services and business and technology services. Since its founding, Waud Capital has successfully completed more than 200 investments, including platform companies and follow-on opportunities.

New Fund
Waud Capital held the final close of its fourth private equity fund, Waud Capital Partners IV, in February 2016 with $1.056 billion of total capital commitments. The capital commitments consist of $900 million from Limited Partners plus a substantial commitment of $156 million from the General Partner and its affiliates. The fund was significantly oversubscribed, and Waud Capital closed WCP IV at its hard cap and above the original target of $750 million of Limited Partner commitments. The closing of WCP IV increases the amount of the Firm’s aggregate Limited Partner and affiliated commitments to $2.1 billion. Read more.

New Investments
New Platforms
Dimensional Dimensional Management – April 2016
Waud Capital announced that it had entered into a partnership with Dimensional Management, a leading dental service organization with offices in New Jersey and Michigan. Read more.
Ivy Ivy Rehab Network – May 2016
Waud Capital announced that it had partnered with the CEO and Founder of Ivy Rehab to effectuate a management buyout of the company. Ivy Rehab provides management support services to a network of outpatient physical therapy offices in the Northeast and Midwest. Read more.

Follow-on Investments
Waud Capital portfolio companies completed 12 follow-on acquisitions during 2016:

  • Acadia Healthcare acquired Priory Group, TrustPoint Hospital of Murfreesboro, Pocono Mountain Recovery Center and Serenity Knolls;
  • CyberGrants acquired The JK Group;
  • Dimensional Management acquired Toms River Family Dental;
  • Ivy Rehab Network acquired Morrison County Orthopedics and The Orthopedic Institute of New Jersey; and
  • PSI Services acquired EnlightKS, Professional Examination Services, Computer Assisted Testing Services and Software Secure. The Company also acquired ECDL Switzerland and Performance Assessment Network in January 2017.

Realizations
Waud Capital Partners completed the sale of Adreima, The Center for Vein Restoration and True Partners Consulting, and continued to realize its investment in Acadia Healthcare.

Acadia Waud Capital distributed 1.7 million shares of Acadia Healthcare to its partners in September 2016.
Adreima Adreima, a revenue cycle management business, was acquired by nThrive in December 2016. Read more.
Center for Vein Restoration Waud Capital completed the sale of The Center for Vein Restoration, a leading provider of venous insufficiency treatment, in January 2016. Read more.
True Partners Consulting Waud Capital announced that True Partners, a tax and business advisory firm, was purchased by the firm’s Managing Directors in April 2016. Read more.


Additions to Team
David Bellaire joined Waud Capital as Operating Partner. Mr. Bellaire brings more than 30 years of executive and management experience in healthcare services and healthcare IT, most recently serving as Senior Advisor with Bain & Company, which followed more than 10 years at Bain as a Senior Partner and Director. Read more.

Andrew Rueff joined Waud Capital as Operating Partner to pursue investments in the payments and financial technology sector, and Waud Capital has initially committed at least $100 million of equity capital to the initiative. Mr. Rueff is a veteran of the payments industry with over 20 years of experience. Previously, he was one of the original founders and architects of the recapitalization of TransFirst Holdings that was acquired by TSYS in January 2016. Read more.

Tim Lawler joined Waud Capital as Principal – Human Capital. Prior to WCP, Mr. Lawler founded T4 Capital Talent, a human capital advisory firm, and previously, he was Head of Talent Management at Highland Capital. Read more.

Phil Olson joined Waud Capital as Principal – Business Development. Previously, Mr. Olson served as Managing Director at William Blair, where he focused on building the Firm’s financial technology practice. Read more.

David Prendergast joins Waud Capital in early February as Vice President – Business Development. Previously, Mr. Prendergast served as Vice President at Great Point Partners, LLC, a healthcare private equity firm specializing in growth capital investments.

Melanie Sponholz joined Waud Capital as Chief Compliance Officer – WCP Healthcare. Ms. Sponholz joins from BioScrip Inc., a leading national provider of infusion and home care management solutions, where she served as Chief Compliance Officer.

Waud Capital also entered into a partnership with George Ahn, a highly accomplished software industry executive, to pursue investments in the vertically-focused application software industry, and Waud Capital has initially committed $100 million of equity capital to the partnership. Mr. Ahn, a veteran of the application software industry for over 25 years, most recently served as the head of IBM's smart infrastructure software organization, following its acquisition of Tririga, where he served as CEO. Read more.

During 2016, Waud Capital also welcomed three new Associates: Matthew Bowen, Daniel Pellegrino and Ben Szanto.

Active Portfolio Companies

Acadia                    Cordant Health Solutions

CyberGrants
                    Dimensional

Ivy
                    PSI

Investment Criteria
Sector Focus

  • Healthcare Services
  • Business and Technology Services

Size

  • Typically, WCP looks to invest $50-$150 million in each portfolio company through a combination of platform and follow-on investments

Structure/Type

  • Control-oriented growth equity, industry consolidation, buyouts and recapitalizations

Investment Strategies

  • Executive-led: partnering with executives to identify, acquire and build platforms
  • Consolidations: driving growth and realizing synergies through follow-on acquisitions
  • Growth Acceleration: pursing organic growth initiatives to create value


For Further Information

Business Development Contacts
Phil Olson, Principal – Business Development (Business and Technology Services)
(312) 676-8401
polson@waudcapital.com

David Prendergast, Vice President – Business Development (Healthcare Services)
(312) 676-8420
dprendergast@waudcapital.com

Investor Contact
Philip Kemp, Principal – Investor Relations
(312) 676-8435
pkemp@waudcapital.com

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