Bill Mixon’s transformation of Advanced Diabetes Supply from a specialty distributor into a $1 billion revenue enterprise culminated in a $1.1 billion acquisition by Cardinal Health in April 2025, creating the foundation for his next chapter as executive partner with Reeve Waud at Waud Capital Partners. The successful exit demonstrates the operational excellence and vision that attracted Waud Capital’s attention for a $100 million healthcare supply chain platform investment.

Advanced Diabetes Supply success story provides a compelling blueprint for value creation in healthcare supply chain services, illustrating how operational improvements, positioning, and market expansion can generate significant returns for private equity investors and acquirers alike.

Value Creation Through Operational Excellence

Under Mixon’s leadership as CEO, Advanced Diabetes Supply grew from a specialty distributor to serve nearly 500,000 patients annually while achieving $1 billion in revenue. The transformation required systematic operational improvements across multiple business functions, including salesforce productivity enhancements, go-to-market refinements, and revenue cycle optimization initiatives.

“During his time at Advanced Diabetes Supply, Mr. Mixon drove transformational growth by professionalizing the organization through salesforce productivity enhancements, executing a shift in go-to-market initiatives, and delivering margin improvements through revenue cycle initiatives and other operational efficiencies,” according to the Waud Capital Partners partnership announcement.

The comprehensive approach to operational improvement demonstrates Mixon’s ability to identify and execute value creation opportunities across complex healthcare services businesses, skills that directly translate to the healthcare supply chain platform opportunity with Reeve Waud’s firm.

Market Positioning and Growth Execution

Advanced Diabetes Supply’s growth trajectory reflected positioning in the expanding diabetes care market, where demographic trends, technology advancement, and reimbursement changes created sustained demand for specialized distribution and patient support services. The company’s ability to serve nearly half a million patients annually while maintaining operational efficiency and clinical quality positioned it as an attractive acquisition target for buyers.

Cardinal Health acquisition valued Advanced Diabetes Supply at $1.1 billion, demonstrating validation of Mixon’s operational approach and positioning in healthcare supply chain services (https://hme-business.com/cardinal-health-completes-advanced-diabetes-supply-group-acquisition/). Cardinal Health noted that ADSG “delivers comprehensive diabetes solutions that are tailored to support individual patients at home, consistent with Cardinal Health’s at-Home Solutions strategy.”

Mixon’s experience building Advanced Diabetes Supply provides direct relevance to the healthcare supply chain platform opportunity with Waud Capital Partners, particularly in home distribution services, specialty distribution, and chronic care management—all focus areas for the new platform investment.

National Seating & Mobility Foundation

Prior to his Advanced Diabetes Supply success, Mixon demonstrated his ability to scale healthcare services businesses through his leadership at National Seating & Mobility, where he expanded the complex rehab technology provider to over 200 locations across the United States and Canada. National Seating & Mobility experience provided operational expertise in specialty distribution, multi-site management, and growth execution.

During his tenure at National Seating & Mobility, Mixon successfully managed multiple private equity partnerships and transactions, demonstrating his ability to work effectively with financial sponsors while maintaining operational focus and growth momentum. This experience with private equity partnerships proved valuable preparation for the subsequent Advanced Diabetes Supply opportunity and now the Waud Capital Partners collaboration.

The combination of operational expertise gained at National Seating & Mobility and positioning skills demonstrated at Advanced Diabetes Supply creates a comprehensive foundation for building scaled healthcare supply chain platforms with Reeve Waud’s support and resources.

Partnership Opportunity with Waud Capital

The successful Advanced Diabetes Supply exit positioned Mixon to pursue his next platform opportunity with the backing of over $100 million in equity capital from Waud Capital Partners. “We are thrilled to partner with Bill,” said Mike Lehman, Principal at Waud Capital. “He is an exceptional executive who has created value and driven multiple successful outcomes throughout his career in a sector we find highly attractive.”

The partnership provides Mixon with access to Waud Capital Partners’ comprehensive support infrastructure, including business development teams, portfolio operations expertise, and advisory resources. Reeve Waud’s systematic approach to executive partnerships and platform building creates an environment where proven executives can focus on operational excellence while leveraging institutional capabilities for growth execution.

“I’m excited to partner with Waud Capital to identify and help build what we hope will be an industry-leading business that supports and improves the overall healthcare supply chain,” said Mixon. “Waud Capital’s executive partnership approach, dedicated ecosystem resources, and deep investing experience across relevant areas make the firm a highly attractive partner.”

Platform Development and Value Creation Framework

The new healthcare supply chain platform will focus on home distribution, value-add specialty distribution, outsourced provider equipment services, and chronic care management solutions—areas where Mixon’s operational expertise and Reeve Waud’s resources can create significant value through consolidation and operational improvement.

Building on lessons learned from both National Seating & Mobility and Advanced Diabetes Supply, the platform will emphasize clinical value creation for medical professionals, manufacturers, payers, and patients. This focus on stakeholder value reflects broader healthcare trends toward outcome-based payment models and operational efficiency requirements.

The combination of Mixon’s proven track record in building and exiting healthcare services businesses with Waud Capital Partners’ systematic approach to platform development, substantial capital resources, and comprehensive support infrastructure positions the new platform to capitalize on significant consolidation opportunities across healthcare supply chain services.

Reeve Waud’s recognition of Mixon’s value creation capabilities, demonstrated through successful exits at both National Seating & Mobility and Advanced Diabetes Supply, provides the foundation for what both partners envision as an industry-leading healthcare supply chain platform capable of delivering sustained growth and superior returns through operational.

Read: Waud Capital Partners Forms New Partnership with Experienced Healthcare Executive Bill Mixon