CVC Catalyst III has agreed to acquire a majority stake in US-based WillowWood, one of the leading manufacturers of prosthetic products, from Blue Sea Capital, 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 company’s mission.
“This next chapter with CVC is about accelerating what we have built – bringing new products to patients faster and expanding internationally,” said Mansukhani.
Financial terms were not disclosed.
WillowWood manufactures prosthetic liners, feet, knees, and other technologies, across the US and key European markets.
Mansukhani and Rubin joined forces with the Arbogast family in 2018. Blue Sea Capital joined as an investor in 2021, acquiring its stake from DW Healthcare Partners, which invested in WillowWood in 2019.
“WillowWood is a business of rare quality, built over more than a century into the leader in its field,” said Cathrin Petty, managing partner and global head of Healthcare at CVC. “We are delighted to be partnering with [the investors] to support its next phase.”
CVC Catalyst plans to accelerate WillowWood’s next phase of growth. The partnership will invest in R&D 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.
“The opportunity ahead in Europe is substantial,” said Phil Robinson, 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.”
Houlihan Lokey served as exclusive financial adviser to WillowWood, with McDermott Will & Schulte acting as legal counsel for the company.
Press release: CVC Catalyst to Acquire Majority Stake in WillowWood from Blue Sea Capital, the Arbogast Family and Management | WillowWood
