CVC Catalyst III (“CVC Catalyst”) has agreed to acquire a majority stake in WillowWood Holdings Inc. (“WillowWood” or the “Company”). CVC Catalyst will become the majority investor alongside Blue Sea Capital (“Blue Sea”), the Arbogast family and Management, who are reinvesting substantially alongside CVC. Mahesh Mansukhani and Daniel Rubin (co-CEOs of WillowWood) will continue to lead the business and Ryan Arbogast, a fourth-generation member of the founding Arbogast family, will continue to play a key role in supporting the mission of the Company. Financial terms of the transaction were not disclosed.
WillowWood is one of the leading manufacturers of prosthetic products, including prosthetic liners, feet, knees, and other technologies, across the US and key European markets. Founded in 1907 in Mt. Sterling, Ohio by William E. Arbogast, a bilateral amputee who lost both legs in a railroad accident, WillowWood has spent more than 115 years committed to leveling the playing field for people experiencing limb loss through innovation and the pursuit of the best possible clinical outcomes. The Company pioneered the gel liner, a critical interface between a patient's residual limb and their prosthesis, and remains the go-to liner brand for patients and prosthetists, offering approximately 1,000 SKUs alongside custom liner capabilities that solve the most challenging cases. This has been complemented by a fast-growing feet, knees and custom-fabrication portfolio to give amputees the mobility they are seeking.
“Since partnering with the Arbogast family in 2018, Daniel and I have been proud to build WillowWood into a leader in prosthetic products. This next chapter with CVC is about accelerating what we have built – bringing new products to patients faster and expanding internationally. We are grateful to Blue Sea Capital for their support and excited for what lies ahead,” said Mahesh Mansukhani, Chief Executive Officer of WillowWood.
Mansukhani and Rubin joined forces with the Arbogast family in 2018 and brought complementary commercial and operational expertise that allowed the Company to transform into a platform with a complete prosthetics products portfolio, upgraded commercial leadership, a broad R&D ecosystem and in-house manufacturing in Mt. Sterling, Ohio and Mesa, Arizona. With 18 new product launches since 2021, WillowWood partners with leading national academic institutions to deliver the highest quality and outcomes to its patients, and its innovation is regularly awarded by industry prizes such as the distinguished Thranhardt award which will recognize WillowWood’s research into protecting limb health at the upcoming 2026 AOPA National Assembly.
“WillowWood is a business of rare quality, built over more than a century into the leader in its field. Mahesh, Daniel, and the team have created a differentiated platform with a clear runway ahead, and we are delighted to be partnering with them, the Arbogast family, and Blue Sea Capital to support its next phase,” said Cathrin Petty, Managing Partner and Global Head of Healthcare at CVC.
WillowWood is a business of rare quality, built over more than a century into the leader in its field
Cathrin Petty Managing Partner and Global Head of Healthcare at CVC
CVC Catalyst plans to accelerate WillowWood’s next phase of growth. The partnership will invest in research and development and new product innovation, and will pursue an active M&A strategy to broaden the Company’s offering and geographic reach. A particular priority will be expanding WillowWood’s international presence, including building a direct commercial footprint in Europe. WillowWood will benefit from CVC Healthcare’s global scale, international network, and MedTech expertise.
“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. It is businesses at this type of inflection point that we are looking to support with CVC Catalyst, and we look forward to working with the team as they bring new products to more patients in these markets,” said Phil Robinson, Partner at CVC.
“We at Blue Sea are both proud and humbled to have supported Mahesh, Daniel, and the Arbogast family in accelerating WillowWood’s growth, and we are even more energized by the opportunity ahead,” said Erin Lansky, Principal at Blue Sea Capital and member of the Board of Directors of WillowWood.
CVC Catalyst is CVC’s dedicated mid-market private equity strategy, seeking leading businesses with strong market positions and compelling long-term fundamentals. CVC has a long and successful track record of investing in MedTech and healthcare businesses, with a proven playbook – demonstrated through investments including Rayner, Spectrum, and Therakos – encompassing R&D acceleration, commercial build-out, international expansion, and targeted M&A. WillowWood is a natural fit for the Catalyst mandate, combining over a century of prosthetics innovation with a strongly aligned management team and significant runway for growth.
Closing of the transaction is subject to approval by the relevant regulatory authorities and is expected in the third quarter of 2026.