Blue Sea Capital LLC (“Blue Sea Capital” or “Blue Sea”), the Arbogast family, and Management have agreed to sell a majority stake in WillowWood Holdings Inc. (“WillowWood” or the “Company”) to CVC Catalyst III (“CVC Catalyst” or “CVC”). The leading global private markets manager’s dedicated mid-market private equity strategy, CVC Catalyst seeks leading businesses with strong market positions and compelling long-term fundamentals. Blue Sea, the Arbogast family and management will reinvest meaningfully alongside CVC to support WillowWood’s next phase of growth.

“Since partnering with the Arbogast family in 2018 and with Blue Sea Capital in 2021, Daniel and I have been proud to build WillowWood into a leader in prosthetic products,” said Mahesh Mansukhani, Co-Chief Executive Officer of WillowWood. “We are grateful to Blue Sea for their support and excited for what lies ahead. This next chapter with CVC is about accelerating what we have built – bringing new products to patients faster and expanding internationally.”

WillowWood is one of the leading manufacturers of prosthetic products, including prosthetic liners, feet, knees, and enabling 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.

“For almost 120 years, WillowWood has empowered hundreds of thousands of patients within the amputee community to live more independent, active and joyful lives,” added Ryan Arbogast, the great-grandson of William E. Arbogast. “Mahesh, Daniel, and I remain grateful to have Blue Sea’s continued support and CVC’s new partnership in this pursuit.”

Mansukhani and Rubin joined forces with the Arbogast family in 2018 and, in 2021, with Blue Sea, to transform a closely held, fourth generation family-owned business into a preeminent player in prosthetic products. Together, they have brought complementary commercial and operational expertise that have allowed the Company to transform into a platform with a complete prosthetics products portfolio, exceptional commercial leadership, a broad R&D ecosystem and in-house manufacturing in Mt. Sterling, Ohio, and Mesa, Arizona.

“Since the three of us partnered with Blue Sea in 2021, we have launched 18 new products, inked several commercial and R&D partnerships, and completed the two strategic acquisitions of MAKstride and Xtremity,” said Daniel Rubin, Co-Chief Executive Officer of WillowWood. “With our proven playbook and meaningful opportunity ahead, WillowWood’s future is bright.”

WillowWood partners with leading national academic institutions to deliver the highest quality and outcomes to its patients. Its innovation is regularly recognized industry-wide, such as its receiving the distinguished Thranhardt award, which will recognize WillowWood’s research into protecting limb health at the upcoming 2026 AOPA National Assembly.

“We at Blue Sea are both proud and humbled to have supported Mahesh, Daniel, and Ryan 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.

Mansukhani and Rubin will continue to lead the business. 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.

“Blue Sea partners with exceptional management teams and industry leading companies with best-in-class business models that make a meaningful impact on healthcare and society,” said J. R. Davis, Managing Partner of Blue Sea Capital. “Our successful partnership with Mahesh, Daniel, and Ryan to accelerate WillowWood’s growth and business transformation is a great example of Blue Sea’s mission in action, and our reinvestment alongside CVC and management represents our fourth healthcare platform investment in the last 14 months.”

Financial terms of the transaction were not disclosed. Closing of the transaction is subject to approval by the relevant regulatory authorities and is expected in the third quarter of 2026. Houlihan Lokey served as exclusive financial adviser to WillowWood, with McDermott Will & Schulte acting as legal counsel for the Company.

About WillowWood

Founded in 1907 by William Arbogast and headquartered in Mount Sterling, Ohio, WillowWood is one of the world’s leading prosthetics companies, with a strong position in prosthetic liners and a growing presence in prosthetic feet and knees. The Company serves orthotics and prosthetics clinics and practitioners across the United States and internationally, with a reputation for clinical innovation and product quality built over more than a century of continuous operation. For further information, please visit www.willowwood.com.

About CVC

CVC is a leading global private markets manager with a network of 29 office locations throughout EMEA, the Americas, and Asia, with approximately €209 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of over €257 billion from some of the world’s leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategy are invested in approximately 150+ companies worldwide, which have combined annual sales of over €240 billion and employ over 660,000 people. For further information about CVC please visit: https://www.cvc.com/. Follow us on LinkedIn.