Waud Capital Partners has partnered with former Cornerstone Healthcare Group CEO Steve Jakubcanin. The aim of the partnership is to grow a business in the broader home care and post-acute services market.
Waud Capital plans to inject more than $100 million of equity capital to support the venture.
“Waud Capital’s executive partnership approach, dedicated ecosystem resources and deep investing experience across relevant areas, make the firm an attractive partner,” Jakubcanin said in a press release statement. “I believe this combination will enable us to capitalize on transformative growth opportunities.”
Waud Capital is a Chicago-based middle-market private equity firm. As an organization, it partners with management teams and leaders to build companies. Waud Capital is focused on the health care services and software and technology sectors, and has total capital commitments of $4 billion.
This partnership reflects the company’s strategy of working with industry leaders and positioning itself within the home-based care sector.
In the past, Waud Capital has invested in Concierge Home Care, a provider of home health services that offers skilled nursing, therapy and primary care services.
“The partnership with Steve is another example of Waud Capital’s commitment to support experienced executive talent with a deep ecosystem of resources to execute transformative growth strategies in large, growing markets,” Chris Graber, a partner at Waud Capital, said in the statement. “We see significant opportunity in the broader home care services market and look forward to working closely with Steve to support the growth and transformation of another differentiated company.”
For Waud Capital, it was Jakubcanin’s proven track record as a health care executive, with a background that includes working in a variety of different sectors, that placed him on their partnership radar.
As the CEO of Cornerstone, Jakubcanin played a pivotal role in shepherding the company’s recent sale to health system ScionHealth, which closed last month. Cornerstone is an operator of home-based care, long-term acute care, senior living and behavioral health care.
Before joining Cornerstone, Jakubcanin was the chief operating officer at AccentCare. Prior to that, he was the senior vice president at Kindred Healthcare.
“[Steve] has created value throughout his career and brings deep experience operating and scaling organizations across a variety of post-acute care settings and service offerings,” Kyle Lattner, principal of Waud Capital, said in a statement. “Both the volume and scope of health care services being provided in a patient’s place of residence are growing rapidly. In partnership with Steve, we believe there is an opportunity to build a market leading organization focused on delivering high quality care, in the most convenient setting for patients, while also lowering the total cost of care for payers.”
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