Richmond, BA-based Owens & Minor, Inc., a global healthcare solutions distributor, announced that it has reached a deal for the sale of its Products & Healthcare Services (P&HS) segment to Platinum Equity.

In an Oct. 7 news release, the company stated it is expanding in the home-based care space. 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 and well as other considerations. Full transaction details can be found in the press release.  

“Today’s announcement represents another critical step forward in the strategic transformation of Owens & Minor into a leading, pure-play, home-based care platform,” Owens & Minor President CEO Edward Pesicka said in the release. “With the definitive agreement in place for Products & Healthcare Services, we will remain laser-focused on transforming the Company into a pure-play ,home-based care business that will drive even more value for our Patient Direct stakeholders.”

Platinum Equity has invested in numerous healthcare and supply chain businesses over the past decade and has 30 years of experience acquiring and operating global businesses that have been part of large corporate entities.

“Owens & Minor has played a vital role in supporting healthcare providers and patients across the country, and we are proud to invest in the future of P&HS,” Platinum Equity Co-President Jacob Kotzubei added. “ With the support of Platinum’s operational resources, we are committed to further enhancing P&HS’s global capabilities to deliver essential products and services when and where its customers need.”