Platinum Equity has announced it will acquire the Products & Healthcare Services (P&HS) segment of Owens & Minor.
P&HS, based in Richmond, Virginia, is a medical supply distribution platform primarily serving the U.S. acute care market.
Platinum Equity, founded in 1995 and based in Los Angeles, is a global investment firm. The firm specializes in private equity buyouts and invests in a wide range of sectors.
Owens & Minor (NYSE: OMI) is a Fortune 500 global healthcare solutions company providing products and services that support care from the hospital to the home.
Owens & Minor, which will retain a 5 percent interest in the segment, will receive a cash payment of $375 million at closing of the sale.
The transaction is expected to close near the end of the year.