Altocare Platform Consolidates Home Healthcare as Demand Soars

Private equity firms invested billions in home healthcare during 2024, recognizing opportunities in a sector where demand continues to outpace supply. Among the most active players, Chicago-based Waud Capital Partners has assembled a comprehensive home care platform called Altocare that combines multiple acquisitions under one coordinated umbrella, positioning itself to capture significant market share as the industry consolidates.

The formation of Altocare represents a calculated move by Waud Capital to build scale in the fragmented home healthcare market. The platform officially launched with the acquisition of MedTec Healthcare in April 2025, an Illinois-based provider of culturally tailored in-home care services and adult day centers. This acquisition followed Waud Capital Partners’ March 2024 purchase of Senior Helpers from Advocate Health, bringing together one of the nation’s premier home care franchises with over 380 locations across 44 states, Canada, and Australia.

Building Scale Through Coordinated Consolidation

Steve Jakubcanin, an Executive Partner at Waud Capital with over 20 years of healthcare operating experience, serves as Altocare’s Executive Chairman. “This acquisition represents a significant step in our vision to create a leading home care platform that delivers best-in-class care,” Jakubcanin stated regarding the MedTec deal. The combined platform now serves both private-pay and Medicaid-supported clients, creating diversification across payment sources that helps insulate the business from regulatory changes.

The consolidation approach mirrors successful healthcare platforms previously built by the firm’s founder, Reeve Waud. Since establishing Waud Capital Partners in 1993, Reeve Waud has completed over 500 company acquisitions throughout his career. This extensive track record includes founding Acadia Healthcare in 2005, which grew to become one of the nation’s largest behavioral health systems before going public in 2011. Reeve Waud continues to serve as Chairman of Acadia’s board, maintaining oversight of a company that now operates over 240 facilities.

Market Dynamics Driving Expansion

The home healthcare sector’s attractiveness stems from compelling demographics and economics. Industry estimates project annual growth rates of 8.5%, driven by an aging population and preference for aging in place. Perhaps more compelling for investors, home-based care costs approximately 30% less than institutional care while often delivering better patient satisfaction scores.

These fundamentals have attracted significant private equity interest beyond Waud Capital. Competitors like Centerbridge Partners, Vistria Group, and Pharos Capital Group have all made substantial home healthcare investments in recent years. However, Reeve Waud’s approach differs through its focus on maintaining existing brand identities while creating operational synergies. Both Senior Helpers and MedTec continue operating under their established brands, preserving local market relationships while benefiting from shared resources and best practices.

Kyle Lattner, Partner at Waud Capital Partners, emphasized this philosophy: “We strongly believe in the value of services that enable seniors to thrive independently and affordably in the comfort of their own homes.” This represents the firm’s seventh investment in the home care and post-acute space, demonstrating deep sector commitment beyond opportunistic deal-making.

The Altocare platform exemplifies how Reeve Waud applies lessons learned from three decades of healthcare investing to new market opportunities. By combining proven operators, maintaining management continuity, and investing in growth rather than cost-cutting, the approach positions Altocare to benefit from long-term demographic trends while managing near-term regulatory uncertainties. As the home healthcare market continues its quick evolution, platforms with scale, operational excellence, and diversified revenue streams will likely emerge as sector leaders.