Sale of Orthoway to Össur

Deal type
Sell your business
February 2021
Countries involved
France / Iceland


Orthoway is the 4th largest independent network of Orthotic and Prosthetic (O&P) clinics in France


MBO & Co and the founders sold Orthoway to the Icelandic listed group Össur, a global leader in non-invasive orthopaedics


Lead team

  • Michel Degryck

    Michel Degryck

    Managing Partner France
  • Jean-Arthur Dattée

    Jean-Arthur Dattée

    Partner France
  • Augustin Alle

    Augustin Alle

    Associate France

About the deal

Orthoway was created in 2017 through the merger of two regional leaders, Cellier Orthopédie and Orthofiga. With over €30M in sales, Orthoway is now the 4th player on the French external orthopaedics market. Orthoway’s CPOs are committed to offer both patient centric approach and best-in-class orthotics, prosthetics, and bracing & support to patients with severe disabilities.

Operating through more than 30 clinics, the network draws on an excellent medical reputation through several local brands (Cellier Orthopédie, Orthofiga, La Maîtrise Orthopédique, Bouillat-Terrier Orthopédie, etc.). From its inception, and with the active support of MBO & Co and the group CEOs, Orthoway opened 8 new clinics, acquired 4 companies and led significant integration, structuration and synergies implementation..

Operating in more than 20 countries, Össur generates nearly $700M in sales. The acquisition of Orthoway enables Össur to vertically integrate in France and thus to get closer to the patients.

MBO & Co is a French private equity firm with €580M assets under management, dedicated to capital investment in SMEs and mid-sized companies valued between €20M and €100M. MBO & Co invests in ambitious development and transformation projects, arising from transmission operations or to strengthen the company’s capital. MBO & Co joins with committed entrepreneurs, to whom it provides strategic guidance, operational efficiency and organisational improvement, with the common goal of combining sustainable growth and long-term optimisation of value creation. Since 2011, MBO & Co has been supporting Cellier Orthopédie first and then Orthoway after 2017.

What we did

Capitalmind provided tactical and operational support to the shareholders all along the sale process:

  • Building the project strategy
  • Providing tactical advice to drive the schedule, to approach relevant potential acquirers and to guide decision-making
  • Steering of negotiations
  • Facilitating the daily execution of the project