Key Takeaways
- • CVC Catalyst acquires majority stake in WillowWood Holdings, a 119-year-old prosthetic products manufacturer, from Blue Sea Capital, with Blue Sea, the founding Arbogast family, and management reinvesting alongside CVC as minority holders.
- • WillowWood, led by co-CEOs Mahesh Mansukhani and Daniel Rubin, generates revenue from approximately 1,000 gel liner SKUs and expanded product portfolio including prosthetic feet, knees, and vacuum suspension systems, with operations in Ohio and Arizona.
- • Global prosthetics and orthotics market valued at $6.8 billion in 2025 is projected to reach $9.5 billion by 2033, driven by aging demographics, rising diabetes-related amputations, and continued innovation—favorable backdrop for WillowWood's growth trajectory.
- • CVC plans to accelerate WillowWood's international expansion, particularly targeting Europe where the company currently serves customers through existing relationships but lacks direct sales and distribution infrastructure; European market development is expected to be a primary focus.
- • Transaction expected to close in Q3 2026; CVC Catalyst III LP has €3 billion in committed capital across 11 portfolio companies, positioning the firm to support WillowWood's acquisition strategy and geographic expansion.
Summary
CVC Catalyst, the mid-market investment arm of London-headquartered CVC (€200 billion in assets under management), has agreed to acquire a majority stake in WillowWood Holdings from existing investor Blue Sea Capital. The transaction, expected to close in the third quarter of 2026, represents a continuation of institutional private equity investment in the specialized medical devices sector. Blue Sea Capital, which acquired WillowWood from DW Healthcare Partners in December 2021, will remain a minority investor alongside the founding Arbogast family and current management under co-CEOs Mahesh Mansukhani and Daniel Rubin.
WillowWood's 119-year history provides a differentiated market position. Founded in 1907 by William Arbogast, a bilateral amputee who pioneered prosthetic devices based on personal experience, the company became an innovator in gel liner technology—the critical interface between a patient's residual limb and prosthetic socket. The company currently manufactures approximately 1,000 gel liner SKUs and custom liners for complex clinical cases, complemented by prosthetic feet, knees, vacuum suspension systems, and custom fabrication services. The business operates from headquarters in Mt. Sterling, Ohio, and an additional facility in Mesa, Arizona.
Under Mansukhani and Rubin's leadership since 2018, WillowWood has demonstrated acquisition capability and product expansion. The company acquired MAKstride Prosthetics in 2022, gaining aerospace-grade machining capabilities, and added Xtremity in 2023, securing proprietary carbon-reinforced polymer socket technology. These strategic acquisitions have strengthened both the product portfolio and manufacturing capabilities.
The transaction timing aligns with favorable market dynamics. The global prosthetics and orthotics market was valued at approximately $6.8 billion in 2025 and is projected to grow to $9.5 billion by 2033, according to Grand View Research, driven by demographic trends including aging populations and rising diabetes-related amputations. Under CVC Catalyst's ownership, WillowWood is positioned to pursue aggressive growth through acquisition and international expansion. Europe represents the most immediate opportunity; while WillowWood maintains existing customer relationships across several European markets, the company has not yet established direct sales and distribution infrastructure on the continent. CVC's 29-office global network and healthcare sector expertise position the firm to support organic or acquisition-driven European market entry. Phil Robinson, a CVC partner, noted that WillowWood represents "the type of inflection point" businesses CVC Catalyst targets, with emphasis on accelerating product innovation and international scale.
WillowWood's 119-year history provides a differentiated market position. Founded in 1907 by William Arbogast, a bilateral amputee who pioneered prosthetic devices based on personal experience, the company became an innovator in gel liner technology—the critical interface between a patient's residual limb and prosthetic socket. The company currently manufactures approximately 1,000 gel liner SKUs and custom liners for complex clinical cases, complemented by prosthetic feet, knees, vacuum suspension systems, and custom fabrication services. The business operates from headquarters in Mt. Sterling, Ohio, and an additional facility in Mesa, Arizona.
Under Mansukhani and Rubin's leadership since 2018, WillowWood has demonstrated acquisition capability and product expansion. The company acquired MAKstride Prosthetics in 2022, gaining aerospace-grade machining capabilities, and added Xtremity in 2023, securing proprietary carbon-reinforced polymer socket technology. These strategic acquisitions have strengthened both the product portfolio and manufacturing capabilities.
The transaction timing aligns with favorable market dynamics. The global prosthetics and orthotics market was valued at approximately $6.8 billion in 2025 and is projected to grow to $9.5 billion by 2033, according to Grand View Research, driven by demographic trends including aging populations and rising diabetes-related amputations. Under CVC Catalyst's ownership, WillowWood is positioned to pursue aggressive growth through acquisition and international expansion. Europe represents the most immediate opportunity; while WillowWood maintains existing customer relationships across several European markets, the company has not yet established direct sales and distribution infrastructure on the continent. CVC's 29-office global network and healthcare sector expertise position the firm to support organic or acquisition-driven European market entry. Phil Robinson, a CVC partner, noted that WillowWood represents "the type of inflection point" businesses CVC Catalyst targets, with emphasis on accelerating product innovation and international scale.
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