When Advocate Health sold Senior Helpers to Waud Capital Partners in March 2024, industry observers questioned how the transition from nonprofit to private equity ownership would affect the company’s 380+ locations and thousands of employees. Fortune’s 2025 Best Workplaces ranking, placing Senior Helpers fifth among at-home care providers, suggests that the Chicago-based investment firm has successfully maintained the franchise network’s employee-focused culture while implementing operational improvements (https://www.fiercehealthcare.com/providers/advocate-health-sells-home-care-franchise-senior-helpers-pe-firm-waud-capital).
The sale marked Senior Helpers’ fourth ownership change since its 2004 founding, yet the company has consistently earned workplace recognition across these transitions. This continuity through multiple ownership structures demonstrates that organizational culture can survive and even thrive through private equity acquisition when approached with operational expertise rather than purely financial motivation.
Advocate’s Divestiture Decision
Advocate Health’s decision to divest Senior Helpers came less than three years after acquiring the home care franchise in April 2021. The nonprofit health system’s investment arm, Advocate Aurora Enterprises, initially viewed the acquisition as advancing its “destination health company” vision focused on wellness beyond traditional sick care. However, following Advocate’s late 2022 merger with Atrium Health, priorities shifted toward partnering with rather than owning complementary businesses (https://www.franchisetimes.com/franchise_mergers_and_acquisitions/senior-helpers-changes-hands-again-with-sale-to-waud-capital-partners/article_e12d1e1e-07f8-11ef-8d39-2b05efbbfbde.html).
The divestiture process spanned most of 2023, with Waud Capital Partners ultimately selected as the buyer. Despite the ownership change, Advocate Health Chief Innovation and Commercialization Officer Rasu Shrestha stated the organization “remains committed to collaborating with innovative companies like Senior Helpers,” suggesting ongoing partnership opportunities.
Preserving Leadership and Operations
Reeve Waud’s investment philosophy, developed through founding Waud Capital Partners in 1993 and completing over 460 healthcare transactions, emphasizes partnering with rather than replacing existing management teams. This approach proved crucial for Senior Helpers, where CEO Peter Ross retained his position and continued managing daily operations for the franchise network (https://www.waudcapital.com/en/team/reeve-waud/).
The appointment of Steve Jakubcanin as executive chairman brought additional healthcare expertise without displacing current leadership. Jakubcanin’s 20-year track record in home care and post-acute services complemented Ross’s franchise experience, creating a leadership structure that balanced continuity with fresh perspective.
Franchise Partner Confidence
Senior Helpers operates primarily through franchised locations, making franchise partner confidence essential for system success. The company’s ability to add 30 locations in 2024 and target 35 additions in 2025 demonstrates that franchise partners view Waud Capital’s ownership positively. With approximately 500 territories available for development, continued expansion depends on maintaining trust between corporate leadership and franchise operators.
Kyle Lattner, Principal at Waud Capital, articulated the firm’s vision for the franchise: “We are excited to partner with Steve, Peter, and the Senior Helpers team to continue providing best-in-class client care and exceptional support to our franchisee partners while also capitalizing on significant opportunities to expand the company’s footprint and services” (https://www.prnewswire.com/news-releases/waud-capital-partners-announces-the-acquisition-of-senior-helpers-302095268.html).
Investment in Workplace Excellence
The Fortune Best Workplaces recognition relies on anonymous employee surveys measuring trust, respect, fairness, pride, and camaraderie. Senior Helpers’ fifth-place ranking among at-home care providers suggests that Waud Capital Partners has invested in maintaining and enhancing workplace conditions rather than cutting costs at employee expense.
This commitment aligns with Reeve Waud’s track record across healthcare investments. His founding of Acadia Healthcare in 2005, which grew to become a major behavioral health system, demonstrated that sustainable value creation requires investing in workforce development and organizational culture.
Platform Benefits for Employees
The April 2025 formation of Altocare, combining Senior Helpers with MedTec Healthcare, creates additional benefits for employees through expanded career opportunities and shared resources. Larger platforms can invest in training programs, technology systems, and professional development that smaller organizations cannot afford independently (https://www.prnewswire.com/news-releases/altocare-a-newly-formed-home-care-holding-company-of-waud-capital-partners-acquires-medtec-healthcare-302432784.html).
These platform advantages likely contribute to the employee satisfaction reflected in Fortune’s rankings. Workers benefit from enhanced career paths, improved operational systems, and the stability that comes from well-capitalized ownership—factors particularly important in the challenging home care labor market.
Balancing Multiple Stakeholders
Successfully transitioning from nonprofit to private equity ownership requires balancing diverse stakeholder interests: employees, franchise partners, clients, and investors. Reeve Waud’s experience across multiple healthcare platforms provides the perspective needed to manage these sometimes-competing priorities while maintaining organizational cohesion.
The Fortune recognition validates this balanced approach. Employee satisfaction serves as a leading indicator of organizational health, suggesting that Waud Capital Partners has avoided the short-term cost-cutting that sometimes characterizes private equity healthcare investments. Instead, the firm appears focused on building long-term value through operational excellence—an approach that benefits all stakeholders.
Looking forward, Senior Helpers faces continued growth opportunities while addressing healthcare industry challenges including workforce shortages and reimbursement pressures. The successful cultural transition from nonprofit to private equity ownership, validated by Fortune’s workplace recognition, positions the company to tackle these challenges from a position of organizational strength under Reeve Waud’s investment stewardship.
