October 8, 2025- Owens & Minor, Inc. announced that it has entered into a definitive agreement for the sale of the Company’s Products & Healthcare Services (P&HS) segment to Platinum Equity. Over the last several years, Owens & Minor has been strategically moving towards expanding its leadership position in the very attractive home-based care space. This transaction will allow the Company to focus on a simpler business model and allow for a more appropriate valuation as a leader in this segment.
Platinum Equity has invested in numerous healthcare and supply chain businesses and has 30 years of experience acquiring and operating global businesses that have been part of large corporate entities.
Transaction Details
Under the terms of the definitive agreement, Owens & Minor will receive a cash payment of $375 million at closing of the sale, subject to customary adjustments for working capital, net debt and transaction expenses. Also, Owens & Minor will retain a five (5) percent interest in the Products & Healthcare Services business as well as a preferred equity return that, in the event of a future divestiture of the business, could result in Owens & Minor receiving a portion of divestiture proceeds. Owens & Minor will also retain certain specified tax assets, including federal net operating loss carryforwards and certain other tax attributes, which exceeds $150 million.
The transaction is subject to customary closing conditions, including the Hart Scott Rodino Act and other regulatory approvals. The transaction is expected to close near the end of the year.
Advisors
Citi and Wells Fargo are acting as financial advisors to Owens & Minor. Kirkland & Ellis is serving as Owens & Minor’s legal advisor.
Bank of America and Fifth Third are serving as financial advisors to Platinum Equity on the P&HS acquisition. Gibson, Dunn & Crutcher LLP is serving as legal advisor, Willkie Farr & Gallagher LLP is serving as debt financing counsel, and Latham & Watkins LLP is serving as special regulatory counsel to Platinum Equity on the transaction.
Third Quarter 2025 Financial Results and Investor Conference Call
Owens & Minor plans to release its financial results for the third quarter of 2025 on Friday, October 31, 2025, before trading begins on the New York Stock Exchange. The Company will host a conference call for investors and analysts the same day at 8:30 a.m. EDT. Participants may access the call via the toll-free dial-in number at 1-888-300-2035, or the toll dial-in number at 1-646-517-7437. The conference ID access code is 1058917. All interested stakeholders are encouraged to access the simultaneous live webcast by visiting the Investor Relations page of the Owens & Minor website available at investors.owens-minor.com/events-and-presentations/. A replay of the webcast can be accessed following the presentation at the link provided above.