How our partnership began

Credo partnered with MfM in December 2014 based on a plan to expand the business internationally, especially in Germany. The strong margins for the company’s products would enable an attractive return on the sales platform, which is costly to sustain. Despite growing sales in Germany, progress in this market has been slow due to longer-than-expected reimbursement times for its hero product (the Innowalk). During Credo’s ownership period, MfM has expanded its geographical presence, launched several product upgrades, and improved sales processes. Sales and EBITDA reached record highs in the lead-up to COVID-19, proving the business model's scalability and profitability. During the COVID years, however, MfM was prevented from visiting both current and new customers, and the recovery from the shutdowns has taken longer than expected.

The Transformation

MfM experienced robust growth across all markets and excellent EBITDA development in the period before Covid-19, with record high LTM results achieved in the first half of 2020. After a tough period during and after the Covid-19 pandemic, MfM returned to strong and profitable growth – to a large extent driven by the German market – before the Company was sold to Sunrise Medical in June 2025.

In the first years of the ownership, MfM focused on building a more robust and scalable distribution model. Initiatives included establishing own operations in the UK, improve reimbursement positions, and strengthen the position in Germany – which became MfM’s by far largest market during Credo’s ownership.

COVID-19 severely challenged user access, as it imposed restrictions on physical sales meetings, closed schools, therapists delegated to other tasks etc. These restrictions lasted longer for MfM than for most other companies due to their end-users being vulnerable to diseases, which again resulted in a substantial inventory of used/recycled units at the payers (e.g. NAV in Norway) which reduced sales of new units when user access was normalized. However, the foundation that was built and adjustments made after the challenging Covid-19 period implies that MfM once again returned to all-time-high sales levels and attractive EBITDA margins before the Exit. A reimbursement break-through in Germany for MfM’s most important product (the Innowalk) in late 2023 was an important milestone, which fueled sales and really demonstrated the long-term growth potential of the Company

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Exit

In June 2025, MfM was sold to Sunrise Medical, a world leading medical device company. MfM’s highly distinct strategic position was of interest to several industrial companies and there had been a good and trustful dialogue with, among others, Sunrise in the years prior to a transaction. Sunrise had a very solid strategic rationale which set the foundation for a successful transaction process.

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