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.
Recent results
2023 was a year of recovery for Made for Movement (MfM), with performance improving significantly in the latter half of the year, particularly in Germany. Revenue grew to NOK 127M, with adjusted EBITDA reaching NOK 7M. November marked a critical milestone as the Innowalk was officially listed in Germany’s reimbursement system, which is expected to drive sales and operational efficiency.
Despite continued challenges in certain markets, MfM focused on enhancing scalability, optimizing liquidity, and strengthening sales channels with new distribution agreements and a beta webshop for accessories.
How we see the future
MfM is positioned for a strong year, buoyed by a growing order pipeline and increased market traction, especially in Germany. The addition of reimbursed Innowalk products alongside NF-Walker is set to improve sales efficiency and margins. Key priorities include refining the organizational structure and enhancing financial controls, ensuring a solid foundation for sustained growth. Sustainability continues to guide MfM’s strategy, with a focus on responsible supply chains and product designs that support individuals with movement disabilities.
