EQWAL GROUP

Who owns EQWAL GROUP?

EQWAL GROUP is currently owned by Naxicap Partners through NIO II (2020 vintage), since 2021.

Hand-verified · updated 2026-04-21

About EQWAL GROUP

EQWAL Group, formerly the Lagarrigue Group, is a Toulouse-based specialist in custom orthotics and prosthetics that designs, manufactures and fits external orthopedic devices for patients living with permanent or temporary disability. The group organizes its activity across three areas, patient care through a network of clinics and orthopedic fitters, digital tools including CAD and CAM design and manufacturing, and a components and products arm that supplies the wider orthopedics industry, with bespoke devices accounting for the large majority of its output. It positions itself as a global player in large-scale, made-to-measure orthopedic solutions, with operations spanning France and other European markets, including leading positions in Switzerland and Belgium, alongside a growing footprint in the United States. According to portfolio disclosures, the group generates roughly EUR 160 million in revenue and employs on the order of 1,100 people, a figure that has risen further as recent acquisitions were integrated.

Ownership journey

Lagarrigue was founded in 1976 in Toulouse and built its business over four decades around custom-made orthopedic devices, combining in-house ortho-prosthetist teams with digital manufacturing. In April 2021 Naxicap Partners acquired a majority stake in the group alongside its management team, investing through its NIO II fund and taking control from a prior private equity owner following a period of rapid expansion. Naxicap remains the majority shareholder and the business is still held in the portfolio as an active investment, with no exit or secondary transaction recorded. The group was subsequently rebranded as EQWAL, uniting its national brands and clinics under a single identity.

Under PE ownership

Under Naxicap's ownership the group has pursued an active buy-and-build strategy while scaling its international network, extending well beyond its French base. It moved into the United Kingdom with the acquisition of the O&P patient-care and upper-limb prosthetics specialist Steeper, strengthened its presence in the United States, and added further businesses across continental Europe, including operations in Poland and Germany. Alongside these deals it consolidated its clinics and brands under the EQWAL name and continued investing in digital design and manufacturing technology. Revenue has advanced from around EUR 91.6 million in 2019 to roughly EUR 160 million, and headcount has grown from about 832 staff to more than 1,100, rising above 1,700 once acquisitions such as Steeper were folded in.