CVC Catalyst III has agreed to acquire a majority stake in WillowWood, a leading manufacturer of prosthetic products, from Blue Sea Capital, the Arbogast family, and management. Blue Sea Capital, the Arbogast family, and WillowWood’s leadership team will reinvest alongside CVC Catalyst, while financial terms of the transaction were not disclosed.
Founded in 1907 in Mount Sterling, Ohio, WillowWood develops prosthetic liners, feet, knees, and other technologies serving patients across the U.S. and key European markets. The company pioneered gel liner technology and today offers approximately 1,000 SKUs, complemented by a growing portfolio of prosthetic feet, knees, and custom-fabrication capabilities.
Co-CEOs Mahesh Mansukhani and Daniel Rubin will continue leading the business, while Ryan Arbogast, a fourth-generation member of the founding family, will maintain a supporting role. Since partnering with the Arbogast family in 2018, Mansukhani and Rubin have expanded WillowWood’s product portfolio and strengthened its research and development capabilities. The company has launched 18 new products since 2021 and collaborates with leading academic institutions to improve clinical outcomes for amputees.
CVC Catalyst plans to accelerate WillowWood’s growth through investments in research and development, new product innovation, and acquisitions aimed at broadening the company’s product offerings and international footprint. Expanding WillowWood’s direct commercial presence in Europe will be a key priority, supported by CVC’s healthcare expertise and global network.
The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals.
KEY QUOTES:
“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.”
Mahesh Mansukhani, Chief Executive Officer of WillowWood
“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.”
Cathrin Petty, Managing Partner and Global Head of Healthcare at CVC
“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.”
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.”
Erin Lansky, Principal at Blue Sea Capital and Member of the Board of Directors of WillowWood
