Two Decades of Board Leadership at a Behavioral Health Provider
Board service at a single company for 20 years is uncommon in private equity. Most firms exit investments within five to seven years, moving capital to new opportunities. Yet one chairman has maintained an active board role at Acadia Healthcare since December 2005.
Reeve Waud founded Acadia Healthcare in 2005 through Waud Capital Partners and has served as a director since the company’s formation. He currently holds the position of Founder and Chairman, maintaining oversight as the company operates 260 facilities across 40 states and Puerto Rico.
December 2005: Founding Acadia Healthcare Company
Acadia Healthcare began as a private equity-backed platform to consolidate behavioral health facilities. The behavioral healthcare sector in 2005 was fragmented, with many facilities operating as standalone businesses or small regional chains.
Reeve Waud and Waud Capital Partners identified an opportunity to build scale through acquisitions while improving operational standards. The model combined capital for facility purchases with management systems for consistent clinical protocols and financial reporting.
From 2005 through 2011, Acadia expanded primarily through acquisitions of existing facilities. The company also developed de novo facilities in markets where acquisition targets were unavailable or unattractive.
From Startup Platform to Public Company
Acadia Healthcare completed its initial public offering in November 2011, transitioning from a Waud Capital portfolio company to a publicly traded entity. The IPO provided capital for continued expansion and offered liquidity for early investors.
Following the IPO, Acadia continued its acquisition strategy. The company entered the United Kingdom market through the 2014 acquisition of Priory Group for approximately $1.47 billion (£1.08 billion). This represented a significant geographic expansion beyond the company’s U.S. base.
Between 2016 and 2021, Acadia divested its UK operations, including the sale of Priory Group, to refocus on the higher-growth U.S. market. This strategic pivot allowed the company to deleverage its balance sheet while concentrating capital on domestic expansion.
Chairman Role Through Expansion Phases
Throughout these transitions, Reeve Waud maintained his board position. Following the IPO, he transitioned from chairman of a private company to independent chairman of a public company’s board.
As of 2025, Acadia operates 258 behavioral healthcare facilities with approximately 11,400 beds in 38 states and Puerto Rico. The company serves patients requiring treatment for psychiatric conditions and substance abuse disorders.
Reeve Waud’s board responsibilities include oversight of company strategy, capital allocation, and management performance. As founder and chairman, he provides institutional memory spanning the company’s 20-year history.
Board service typically requires significant time commitment. Directors review financial reports, attend quarterly meetings, participate in committee work, and remain available for management consultation between formal meetings.
Reeve Waud also serves on other boards, including the Northwestern Memorial HealthCare Finance Committee and as a Trustee of the Art Institute of Chicago. These roles complement his business activities by providing exposure to nonprofit governance and healthcare system operations.The longevity of Reeve Waud’s involvement with Acadia Healthcare distinguishes it from typical private equity investments. While Waud Capital Partners no longer holds a controlling stake, the founder’s continued board service suggests sustained belief in the company’s mission and growth prospects.
