Reeve Waud wears three connected hats in the Acadia Healthcare story: founder, investor, and board chairman. Each builds on the last. Together they explain why his name comes up whenever the company makes big news, as it did in January 2026 with the appointment of Debbie Osteen as chief executive.

Sort out the three roles and his place in the company’s history gets clearer.

The Founder and the Investor

Reeve Waud founded Waud Capital Partners in 1993. Through that firm, he created Acadia Healthcare in late 2005 to build a national behavioral health network. As the firm’s Managing Partner, he supplied both the founding capital and the investment thesis.

The investor role shaped the company’s early path. Waud Capital Partners backed Acadia Healthcare through acquisitions and its 2011 merger with PHC, Inc., a deal Reeve Waud called “another successful example of our investment strategy”.

The Board Chairman

His third role keeps him involved at the highest level. As chairman of the Acadia Healthcare board, Reeve Waud led the announcement of Osteen’s return and explained the board’s reasoning.

That continuity, founder to chairman, gives Acadia Healthcare a board leader who knows its entire history firsthand. Reeve Waud has held a central seat at every stage, and his work as chairman carries the perspective of someone who’s watched the company grow since 2005.