The formation of Altocare as a home care holding company represents Waud Capital Partners’ calculated approach to consolidating the fragmented home healthcare market. With Senior Helpers earning Fortune’s fifth-place ranking among at-home care workplaces and the April 2025 acquisition of MedTec Healthcare, the Chicago-based firm demonstrates how methodical platform building creates value beyond financial engineering (https://www.prnewswire.com/news-releases/altocare-a-newly-formed-home-care-holding-company-of-waud-capital-partners-acquires-medtec-healthcare-302432784.html).
Altocare emerged as the umbrella organization linking Senior Helpers’ franchise network with MedTec’s in-home care and adult day services. This structure allows both companies to maintain their existing brands and leadership teams while benefiting from shared resources and operational expertise—a hallmark of Reeve Waud’s investment philosophy since founding Waud Capital Partners in 1993.
Platform Economics Drive Consolidation
The home care industry’s fragmentation creates opportunities for buyers to achieve economies of scale through consolidation. With over 380 Senior Helpers locations across 44 states and MedTec’s complementary service offerings, Altocare possesses the geographic reach and service diversity to negotiate favorable payor contracts and implement best practices across its portfolio (https://www.waudcapital.com/en/media/waud-capital-partners-announces-the-acquisition-of-senior-helpers/).
Steve Jakubcanin, serving as Altocare’s Executive Chairman, brings over 20 years of healthcare operating experience in home care and post-acute sectors. His leadership exemplifies Waud Capital’s executive partnership model, where seasoned industry veterans guide portfolio companies through growth phases while preserving operational excellence.
Market Timing Meets Demand
The consolidation approach arrives as demographic trends accelerate demand for home-based services. America’s population aged 65 and older will nearly double from 58 million in 2022 to 95 million by 2060, according to Census Bureau projections. This aging wave, combined with preferences for aging in place over institutional care, creates substantial growth opportunities for scaled providers.
Reeve Waud has consistently identified such demographic-driven opportunities throughout his investment career. His founding of Acadia Healthcare in 2005 capitalized on rising demand for behavioral health services, growing the company from startup to public offering in just six years (https://en.wikipedia.org/wiki/Acadia_Healthcare). The Altocare platform applies similar thinking to home care markets.
Operational Excellence Beyond Financial Engineering
Unlike purely financial consolidation plays, Waud Capital Partners emphasizes operational improvements across its platforms. Senior Helpers’ Fortune workplace recognition—maintained through ownership transitions—demonstrates this commitment to excellence. The ranking, based on employee feedback about trust, respect, and camaraderie, suggests that consolidation under Reeve Waud’s firm preserves rather than compromises organizational culture (https://www.mcknightshomecare.com/news/fortune-recognizes-15-home-care-firms-in-2025-best-workplaces-list/).
The platform approach enables sharing of best practices across portfolio companies. Quality assurance protocols developed at Senior Helpers can benefit MedTec operations, while MedTec’s experience with Medicaid reimbursement enhances the combined entity’s payor diversification. This operational cross-pollination creates value beyond simple cost reduction.
Building Through Partnership, Not Replacement
Waud Capital’s approach maintains existing management teams rather than imposing new leadership. Senior Helpers CEO Peter Ross continued leading daily operations post-acquisition, while MedTec retained its leadership structure. This continuity proves particularly important in franchise models, where trust between corporate leadership and franchise partners drives system success.
Chris Graber, Partner at Waud Capital and head of the firm’s healthcare investment team, emphasized this partnership approach: “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” (https://www.waudcapital.com/en/media/waud-capital-partners-announces-the-acquisition-of-senior-helpers/).
Investment Thesis Validated by Results
The Altocare platform’s early success validates Waud Capital Partners’ investment thesis. Senior Helpers added 30 locations in 2024 and targets 35 additions in 2025, demonstrating continued franchise partner confidence. The Fortune workplace recognition provides third-party validation that growth hasn’t compromised service quality or employee satisfaction.
This measured expansion contrasts with aggressive roll-up approaches that prioritize speed over sustainability. Reeve Waud’s approach, refined through over 460 healthcare investments since 1993, emphasizes building durable competitive advantages rather than pursuing short-term financial gains (https://www.waudcapital.com/en/team/reeve-waud/).
Future Growth Opportunities
With approximately 500 Senior Helpers territories available for development and MedTec’s expansion potential, Altocare possesses substantial organic growth runway. The platform’s dual focus on private-pay and Medicaid-supported clients provides recession resilience while capturing diverse market segments.
Kyle Lattner, Partner at Waud Capital, noted the importance of this investment: “This is our second dedicated campaign in the medical device and supply chain services market in the last two years and we are thrilled about the prospects” (https://www.prnewswire.com/news-releases/waud-capital-partners-forms-new-partnership-with-experienced-healthcare-executive-bill-mixon-302508155.html).
The home care consolidation trend shows no signs of slowing, with private equity firms completing numerous transactions in 2024 and 2025. However, Altocare’s combination of operational excellence, measured growth, and employee satisfaction—as validated by Fortune’s recognition—distinguishes it from purely financial consolidation plays. Under Reeve Waud’s leadership, the platform demonstrates how thoughtful consolidation can benefit all stakeholders: employees, clients, franchise partners, and investors.
Related: Acadia adds i-banker to board
