CVC Catalyst Agrees to Take Majority Stake in Prosthetics Maker WillowWood

CVC Catalyst III, the mid-market private equity strategy of CVC, has agreed to acquire a majority stake in prosthetics manufacturer WillowWood Holdings, CVC announced on June 16. Financial terms were not disclosed.

CVC Catalyst will become the majority investor alongside Blue Sea Capital, the Arbogast family and management, all of whom are reinvesting substantially alongside CVC, according to the announcement. Mahesh Mansukhani and Daniel Rubin, WillowWood's co-CEOs, will continue to lead the business. Closing is subject to approval by the relevant regulatory authorities and is expected in the third quarter of 2026.

A century-old liner maker

WillowWood makes prosthetic products including liners, feet and knees and sells across the U.S. and key European markets, CVC said. The company was founded in 1907 in Mt. Sterling, Ohio, by William E. Arbogast, and CVC said it pioneered the gel liner, the interface between a patient's residual limb and their prosthesis. WillowWood offers about 1,000 liner SKUs alongside custom liner capabilities, according to the release.

The company has in-house manufacturing in Mt. Sterling and in Mesa, Arizona, and has launched 18 new products since 2021, CVC said. Mansukhani and Rubin joined with the Arbogast family in 2018.

"This next chapter with CVC is about accelerating what we have built – bringing new products to patients faster and expanding internationally," Mansukhani said.

Plans for Europe and acquisitions

CVC said the partnership will invest in research and development and new product innovation, and will pursue an active M&A strategy to broaden WillowWood's offering and geographic reach. A particular priority will be building a direct commercial footprint in Europe, the firm said, as The O&P Edge also reported.

"The opportunity ahead in Europe is substantial, and CVC's geographic footprint and sector expertise are well suited to helping WillowWood build a direct presence and scale internationally," said Phil Robinson, a partner at CVC.

Cathrin Petty, CVC's managing partner and global head of healthcare, called WillowWood "a business of rare quality, built over more than a century into the leader in its field."

CVC cited its previous medtech and healthcare investments, including Rayner, Spectrum and Therakos, as examples of a playbook built on R&D acceleration, commercial build-out, international expansion and targeted M&A. Blue Sea Capital principal Erin Lansky, a WillowWood board member, said the firm was "even more energized by the opportunity ahead."

The announcement did not disclose WillowWood's revenue or the size of the stake CVC Catalyst will hold.