CVC Catalyst Acquires Majority Stake in WillowWood

CVC Catalyst has agreed to invest in WillowWood Holdings, a prosthetic products manufacturer, from Blue Sea Capital. CVC Catalyst will become the majority investor in WillowWood alongside Blue Sea, the founding Arbogast family, and management, all of whom are reinvesting in the company. CVC’s investment in WillowWood was made through CVC Catalyst III LP, the firm’s latest mid-market private equity strategy fund.

WillowWood traces its roots to 1907 when founder William Arbogast, a bilateral amputee who lost both legs in a railroad accident, began making prosthetic devices based on his own experience as a patient. More than a century later, WillowWood has operated through four generations of the Arbogast family and today is led by co-CEOs Mahesh Mansukhani and Daniel Rubin.

WillowWood is best known for pioneering the gel liner, the interface that sits between a patient’s residual limb and prosthetic socket. The product has become a widely used component in modern prosthetic care by improving comfort, fit, suspension, and skin protection. The company offers approximately 1,000 gel liner SKUs, along with custom liners for patients with more complex clinical needs.

Over time, WillowWood has expanded beyond liners to offer other prosthetic components, including prosthetic feet, knees, and vacuum suspension systems, as well as custom fabrication services. WillowWood is headquartered southwest of Columbus in Mt. Sterling, Ohio, with an additional facility in Mesa, Arizona.

Since partnering with the Arbogast family in 2018, Messrs. Mansukhani and Rubin have led an expansion of the business. The company has strengthened its commercial organization, expanded its research and development efforts through partnerships with academic institutions and completed two add-on acquisitions. In 2022, WillowWood acquired MAKstride Prosthetics, an Arizona-based precision manufacturer with aerospace-grade machining capabilities. In 2023, the company added Xtremity, a Colorado-based developer of adjustable prosthetic sockets made from a proprietary carbon-reinforced polymer.

“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 Mr. Mansukhani.

“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, a managing partner and global head of healthcare at CVC.

Under CVC Catalyst’s ownership, WillowWood is expected to continue pursuing growth through both acquisition and international expansion. Europe appears to be the most immediate opportunity. While the company already serves customers in several key European markets through existing commercial relationships, it has yet to establish a direct sales and distribution platform on the continent. Building that presence, whether organically or through acquisition, is likely to be a key focus going forward.

“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. “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,”

The market backdrop is favorable. The global prosthetics and orthotics market was valued at approximately $6.8 billion in 2025 and is expected to grow to $9.5 billion by 2033, according to Grand View Research. Demand is being driven by demographic trends, including an aging population and increasing rates of diabetes-related amputations, as well as continued innovation in materials, prosthetic components, and customized patient care.

Blue Sea made its majority investment in WillowWood in December 2021, acquiring the company from DW Healthcare Partners. “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, a principal at Blue Sea and a member of WillowWood’s board of directors.

Blue Sea invests in companies with $5 million to $30 million of EBITDA and enterprise values of no more than $300 million. Sectors of interest include aerospace and defense, healthcare, and industrial growth. Blue Sea was founded in 2013 and is currently investing from Blue Sea Capital Fund III LP, which closed above target in September 2023 with $618 million of capital. The firm is led by Managing Partner J.R. Davis and is headquartered in West Palm Beach, Florida.

CVC Catalyst is CVC’s mid-market investment strategy and invests from €75 million to €250 million of equity across a range of sectors including technology, healthcare, sports, media and entertainment, financial and business services, consumer, and education. The Catalyst strategy currently has 11 portfolio companies and €3 billion in committed capital. London-headquartered CVC, with more than €200 billion in assets under management, was founded in 1981 and has a network of 29 offices throughout Europe, Asia and the United States.

The transaction is expected to close during the third quarter of 2026.