Waud Capital has partnered with healthcare executive Chris Rucker to pursue investments in the home care market.
The new effort, backed by a $100 million equity commitment from Waud, will focus on targeted subsectors, including home health nursing, hospice, personal care and other home and community-based services.
“I’m excited by the opportunity to partner with Waud Capital to grow a business in the home care market,” said Mr. Rucker. “There remains tremendous opportunity to deliver quality patient care in a differentiated manner and the Waud Capital team shares my commitment to building businesses the right way. Having met many private equity firms, the Waud Capital team distinguished itself with their impressive track record, deep knowledge of this sector and resources to support portfolio companies and executive teams.”
Since October 2016, Mr. Rucker has served as the Chief Operating Officer of Jordan Health Services, a Dallas-based provider of home health services – personal care services, home management, skilled care and hospice – to more than 37,000 patients across Texas, Oklahoma, Louisiana, Missouri and Arkansas. Jordan Health Services was previously a portfolio company of Palladium Equity Partners. In May 2018 it was sold to Blue Wolf Capital, the owner of National Home Health Care and Great Lakes Caring, and Kelso & Company. The three businesses were combined and now operate as Elara Caring. Prior to his time at Jordan, Mr. Rucker served in a range of senior management positions within the pharmacy benefits management, dialysis and pharmaceutical services markets.
“We are thrilled to announce our partnership with Chris,” said Chris Graber, a Principal of Waud Capital. “He has created meaningful value at every organization he’s led, and he brings a unique combination of seasoned leadership and deep commitment to quality care. Demand for home care is growing rapidly across multiple subsectors and we believe there’s a tremendous opportunity to build a market leading organization.”
Waud Capital makes investments from $50 million to $150 million in middle-market companies with enterprise values from $50 million to $250 million that operate in the healthcare services and business and technology services sectors. Since its founding in 1993, Waud Capital has made more than 240 investments, including platform companies and add-on acquisitions. The firm is headquartered in Chicago (www.waudcapital.com).
© 2018 Private Equity Professional | August 21, 2018