Waud Capital Partners’ home healthcare investments span from Illinois-based MedTec to Maryland-headquartered Senior Helpers, revealing a calculated geographic approach that balances market density with diversification. The method draws from decades of pattern recognition about which markets offer sustainable growth opportunities in fragmented healthcare sectors.
The geographic footprint assembled under the Altocare platform combines broad coverage with focused depth. Senior Helpers brings presence across 44 states, Canada, and Australia through its 380+ franchised and corporate-owned locations. MedTec Healthcare adds concentrated strength in Illinois, where it provides culturally tailored services to diverse communities. This combination of extensive reach and local density creates operational advantages that pure-play national or regional competitors struggle to match.
Market Selection Criteria
The selection of target markets involves sophisticated analysis beyond simple demographic metrics. While aging populations drive demand universally, state-level factors significantly impact operational success and financial returns. Medicaid reimbursement rates vary dramatically across states, with some paying three times more than others for identical services. Certificate of need requirements, licensing regulations, and workforce availability further differentiate market attractiveness.
Illinois, where MedTec operates, exemplifies favorable market characteristics. The state maintains relatively stable Medicaid reimbursement rates, has large urban centers with diverse populations requiring specialized services, and lacks overly restrictive certificate of need requirements. These factors enabled MedTec to build substantial market share before joining the Altocare platform.
Steve Jakubcanin, Executive Partner at Waud Capital Partners and Executive Chairman of Altocare, emphasized alignment in the MedTec acquisition: “MedTec Healthcare’s dedication to quality and its strong market presence align perfectly with our mission.” This market presence includes not just geographic coverage but deep community relationships that take years to establish.
Building Density Through Multiple Models
Reeve Waud’s approach to geographic expansion combines organic growth with calculated acquisitions, a pattern consistent across his three-decade investment career. At Acadia Healthcare, which Reeve Waud founded in 2005, the company grew from a single facility to over 240 locations across 40 states and Puerto Rico. This expansion utilized joint ventures with health systems, de novo development, and acquisitions to achieve market density.
The Altocare platform employs similarly diverse expansion methods. Senior Helpers’ franchise model enables quick market entry with limited capital investment, as franchisees fund local expansion. Company-owned locations provide direct control in key markets where operational excellence can be demonstrated. The MedTec acquisition added immediate density in Illinois rather than attempting organic entry into an established market.
Kyle Lattner, Partner at Waud Capital Partners, highlighted expansion opportunities: “We are excited to partner with Steve, Peter, and the Senior Helpers team to continue providing best-in-class client care and exceptional support to our franchisee partners while also capitalizing on significant opportunities to expand the company’s footprint and services.” These opportunities include both geographic expansion and service line extensions within existing markets.
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Regional Concentration Versus National Dispersion
The tension between building regional density and achieving national scale shapes expansion decisions. Regional concentration offers operational efficiencies through shared management, training resources, and brand recognition. National dispersion provides diversification against local economic downturns, regulatory changes, or competitive threats. Reeve Waud’s approach embraces both methods simultaneously.
Within the Altocare portfolio, MedTec’s Illinois focus demonstrates the value of regional density. The company operates multiple adult day centers alongside home care services, creating referral networks and economies of scale. Shihwan Chung, CEO of MedTec Healthcare, expressed enthusiasm about leveraging Waud Capital’s resources: “Joining forces with Altocare and Waud Capital Partners presents a tremendous opportunity to expand our impact and elevate the quality of care we deliver to our clients and their families.”
Cross-Border Opportunities
Senior Helpers’ presence in Canada and Australia adds international dimension to the platform’s geographic approach. These markets share demographic challenges with the United States but operate under different regulatory and reimbursement frameworks. For Reeve Waud, who has built multiple healthcare platforms, international expansion provides learning opportunities that can inform domestic planning.
The Canadian operations benefit from single-payer provincial health systems that provide more predictable reimbursement than the fragmented U.S. market. Australian operations tap into that country’s National Disability Insurance Scheme, which provides generous funding for eligible recipients. These international footholds position Altocare to capitalize on global aging trends while diversifying regulatory risk.
Chris Graber, Partner at Waud Capital leading healthcare investments, positioned geographic expansion within broader planning: “Our partnership with Senior Helpers is another key example of the Waud Capital strategy of matching experienced executive talent with industry-leading companies in sectors where we have deep conviction.” That conviction extends to believing that successful models can cross geographic boundaries with appropriate localization.
As Reeve Waud continues building the Altocare platform, geographic expansion will likely accelerate through multiple channels. The franchise model enables low-risk market testing, acquisitions provide immediate scale in priority markets, and organic growth deepens presence in proven geographies. This multi-modal approach, refined through Reeve Waud’s experience with over 500 acquisitions throughout his career at Waud Capital Partners, positions Altocare to capture growth opportunities across diverse markets while maintaining operational excellence.
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