Waud Capital Partners’ recent promotion announcement reveals much about the firm’s approach to talent development. By elevating Tim Cremieux, Kyle Lattner, and Paul Sutphin to Partner and Mike Lehman to Principal, the Chicago-based private equity firm demonstrates how specialized expertise drives its investment strategy.
Since founding the firm in 1993, Reeve B. Waud has emphasized the importance of deep industry knowledge. This focus has shaped Waud Capital’s approach to both hiring and professional development, creating teams with specialized expertise across healthcare and technology sectors.
Cultivating Sector-Specific Knowledge
The newly promoted partners exemplify this emphasis on specialized knowledge. Cremieux, who joined in 2017, focuses on pharma services, payor services, and medication supply chain. Lattner, with the firm since 2013, brings expertise in medical device services, home care, and behavioral health. Sutphin, also a decade-long veteran, specializes in software, healthcare IT, and fintech.
This concentration of sector-specific expertise allows Waud Capital to identify promising investment opportunities and implement effective value-creation strategies. Each partner develops a distinctive perspective on their target sectors, enhancing the firm’s ability to evaluate potential investments and guide portfolio companies.
A Culture That Values Expertise
“At Waud Capital, we firmly believe that exceptional people drive exceptional value, and it holds true in both our portfolio and firm,” Reeve Waud stated in the announcement. This people-first philosophy has guided the firm’s approach to talent development throughout its history.
By creating an environment that values specialized knowledge, Waud Capital attracts professionals who are passionate about specific industries. The firm then provides opportunities for these individuals to deepen their expertise while taking on increasing responsibility, creating a pathway for advancement that aligns with its investment strategy.
From Knowledge to Value Creation
The specialized expertise of Waud Capital’s investment professionals translates directly into value creation for portfolio companies. Partners with deep industry knowledge can identify operational improvements, strategic opportunities, and potential challenges, providing guidance that enhances company performance.
Chris Graber, Partner and Head of the Healthcare Group, highlighted this connection in the announcement, noting that the newly promoted partners “have demonstrated extraordinary leadership, delivering value, insights and expertise to their portfolio companies and contributing to the continued success of Waud Capital.”
Building on a Proven Approach
The focus on specialized expertise has produced notable successes throughout Waud Capital’s history. One example is Acadia Healthcare, which became a leading behavioral health provider under the firm’s guidance. By assembling a management team with deep industry knowledge, Waud Capital helped Acadia address critical needs in mental health and addiction treatment.
As the firm enters 2025, the strengthened leadership team positions it to build on this track record. With enhanced capabilities across healthcare and technology sectors, Waud Capital continues to refine the people-first approach that has driven its success for three decades.