International orthotics and prosthetics group Eqwal has completed a new financing round intended to support its continued international expansion and development of an integrated platform for people living with disabilities.
The transaction brings together existing financial partners and several new investors, providing Eqwal with additional resources to pursue acquisitions, expand its clinical network and invest in specialised components and digital technologies.
The financing was announced by Eqwal’s majority shareholder, Naxicap Partners, which has supported the group through a period of rapid growth and international consolidation.
Ardian and La Caisse provide new unitranche financing
The transaction includes a new unitranche facility provided by Ardian Private Credit and La Caisse, formerly known as Caisse de dépôt et placement du Québec.
Unitranche financing combines senior and subordinated debt into a single facility. It is commonly used by private-equity-backed companies to support acquisitions and international expansion while providing a more streamlined financing structure.
Ardian Private Credit specialises in flexible non-bank financing for European mid-market companies and frequently provides additional funding capacity for acquisitions and growth plans.
CIC Private Debt has also renewed its mezzanine financing support for Eqwal. The investment manager provides direct financing to European small and medium-sized companies, mid-cap businesses and infrastructure projects.
Regional French investors join financing round
Several French regional investment institutions are participating in the new phase of Eqwal’s development.
These include:
- Crédit Agricole through GSO Financement
- Caisse d’Epargne de Midi-Pyrénées Capital Transmission
- Caisse d’Epargne Loire Drôme Ardèche Mezzanine
- Caisse d’Epargne Bourgogne Franche-Comté Private Equity
- Loire-Centre Capital
The combination of private-credit institutions, mezzanine investors and regional equity partners is intended to give Eqwal the financial flexibility needed to continue its expansion.
The value of the transaction and the respective investments made by each financing partner were not disclosed in the announcement.
Building an integrated disability-care platform
Eqwal’s stated ambition is to build what it describes as the world’s first integrated platform dedicated to disability compensation.
Its operating model combines three principal areas:
- Clinical orthotic, prosthetic and mobility care
- Development and distribution of specialised components
- Digital assessment, design and manufacturing solutions
Eqwal’s Patient Care division designs and manufactures customised external orthopaedic devices adapted to each patient’s individual needs. Its wider group structure also includes component businesses and digital technologies intended to connect clinical assessment with design, production and long-term care.
This integrated approach is intended to support patients throughout different stages of life rather than focusing solely on a single prosthetic or orthotic fitting.
For example, a patient may require repeated socket replacements, component changes, repairs and rehabilitation as their physical condition, age or activity level changes.
Revenue expected to reach €700 million
According to the financing announcement, Eqwal has expanded significantly since 2021, when the group recorded approximately €120 million in revenue.
The company expects turnover to reach approximately €700 million by the end of 2026.
Eqwal also reported that it now operates nearly 400 branches, employs more than 3,500 people and supports approximately 350,000 patients each year across 13 countries.
A recent company communication described Eqwal as having around 3,800 employees across approximately 400 orthotic and prosthetic locations, although the number of countries in that communication was listed as 11. The difference may reflect the timing of recently completed acquisitions or differences in how operating markets are counted.
The group’s rapid growth has largely been driven by acquisitions of established orthotic, prosthetic, rehabilitation and digital-health businesses in Europe, North America and other international markets.
Expansion continues across Europe and the United States
Eqwal has completed several transactions during 2026 as it expands its geographical reach.
In January, the group strengthened its presence in California through the acquisition of Prosthetic & Orthotic Group, a provider employing 34 people, including 13 clinicians.
More recently, Eqwal announced its entry into Poland through the integration of Inovamed and expanded its European network through the addition of Pleger Rehatechnik.
The group also established a presence in Dubai through its integration of OrthoMENA, extending its operations into the Middle East.
Eqwal’s wider acquisition history includes clinical providers, component manufacturers and digital businesses such as TechMed 3D and Podoprinter.
These transactions suggest the company is seeking to control more of the orthotic and prosthetic value chain, from patient assessment and clinical fitting to digital design, component supply and manufacturing.
Growing presence in the Middle East
Eqwal’s establishment in Dubai is particularly relevant to the orthotics and prosthetics sector across the Middle East and Africa.
The region includes rapidly developing private healthcare markets alongside countries where access to rehabilitation and assistive technology remains limited.
A larger international group may be able to introduce specialist clinical knowledge, digital workflows and component portfolios into markets that have traditionally relied heavily on imported products and fragmented distribution networks.
Potential areas of development could include:
- Advanced prosthetic and orthotic clinics
- Digital scanning and centralised fabrication
- Professional education and clinical training
- Specialist component distribution
- Paediatric orthotics and prosthetics
- Diabetic-foot and custom-insole services
- Neuro-orthotics and mobility technologies
- Partnerships with hospitals and rehabilitation centres
However, international expansion must still be adapted to local regulatory requirements, reimbursement systems, workforce availability and patient needs.
Consolidation reshapes the global O&P sector
Eqwal’s growth reflects a broader trend towards consolidation within the international orthotics and prosthetics industry.
Historically, much of the sector has consisted of independent clinics, small regional networks and specialist manufacturers.
Larger groups are increasingly acquiring these businesses to build multinational networks, centralise administrative functions and invest in digital systems and procurement.
Consolidation can provide smaller clinical businesses with access to capital, technology, training and wider component portfolios.
It may also allow groups to standardise clinical processes, negotiate more effectively with suppliers and invest in technologies that would be difficult for an independent clinic to finance alone.
At the same time, maintaining local clinical decision-making and continuity of patient relationships remains essential.
Orthotic and prosthetic care is highly individualised, and the success of a multinational platform will depend on whether it can achieve scale without reducing the flexibility and personal service provided by local clinicians.
Digital solutions form a core part of the strategy
Eqwal has identified digital technologies as one of the three central pillars of its platform.
Digital tools are increasingly being used across orthotics and prosthetics for:
- Three-dimensional patient scanning
- Computer-aided design
- Automated manufacturing
- Remote clinical collaboration
- Centralised order management
- Treatment documentation
- Outcome monitoring
- Production traceability
By integrating digital businesses with clinical networks and manufacturing capabilities, Eqwal could potentially transfer patient data more efficiently between assessment, design and production teams.
This may support centralised fabrication models in which patients are assessed locally while devices are designed or manufactured at specialist regional centres.
Such systems could be particularly valuable in countries with limited numbers of experienced prosthetic and orthotic technicians.
Investment may support further acquisitions
The participation of private-credit and mezzanine investors indicates that Eqwal is preparing for continued growth.
The new financing may support additional acquisitions in countries where the group does not yet have a substantial presence, as well as further investment in technology, manufacturing and clinical infrastructure.
Naxicap Partners remains closely involved in Eqwal and identifies the company as one of its portfolio investments.
The investment firm specialises in leveraged buyouts and growth capital for mid-market businesses, with typical investments ranging from €50 million to €200 million.
Eqwal’s transformation from a €120 million business in 2021 to a group targeting €700 million in annual revenue illustrates the scale of the expansion strategy pursued under Naxicap’s ownership.
Scale must translate into patient outcomes
While financing, acquisitions and revenue growth provide an indication of Eqwal’s commercial development, the long-term measure of success will be the effect on patients and clinical services.
A larger platform could potentially increase access to specialised components, reduce production times and support the introduction of advanced technologies across more clinics.
It could also enable greater investment in professional education, evidence collection and long-term outcome measurement.
For patients, meaningful benefits would include:
- Faster access to assessment and fitting
- Improved socket comfort and device function
- Reliable access to repairs and replacement parts
- Greater consistency across clinical locations
- Access to specialist multidisciplinary services
- Continuity of care when relocating between countries
- Better integration of digital and traditional clinical methods
Eqwal’s ability to deliver these benefits consistently across a rapidly expanding international network will be central to its ambition of creating an integrated global platform for disability care.
The new financing gives the group additional capacity to continue that strategy while strengthening its position as one of the world’s largest orthotic and prosthetic care organisations.
- Eqwal Group
- Eqwal Patient Care and group activities
- Naxicap Partners
- Naxicap’s Eqwal portfolio listing
- Ardian Private Credit
- La Caisse
- CIC Private Debt
- Eqwal’s international news and acquisitions
- International Society for Prosthetics and Orthotics
- World Health Organization assistive technology resources