Platinum Equity announced it has completed its acquisition of the Products & Healthcare Services unit of Owens & Minor, creating a privately held, standalone company that will continue operating under the Owens & Minor brand as part of Platinum’s portfolio. Financial terms were not disclosed.
The acquired business, now called Owens & Minor P&HS, is headquartered in Richmond, Virginia, and operates a vertically integrated medical supply distribution platform that primarily serves the acute care market. The company distributes medical and surgical supplies to hospitals, health systems, and other healthcare providers across the United States.
Owens & Minor, the seller, retained a five percent interest in the business. The company has said its remaining operations will be rebranded as Accendra Health, Inc., effective December 31, 2025.
Founded in 1995 by Tom Gores, Platinum Equity said it has approximately $50 billion in assets under management and a portfolio of roughly 60 operating companies. The firm focuses on a strategy it brands as M&A&O, combining acquisitions with operational improvement initiatives, and says it has completed more than 500 acquisitions over the past 30 years.
Support: Bank of America and Fifth Third served as financial advisors to Platinum Equity on the transaction. Gibson, Dunn & Crutcher served as legal advisor, Willkie Farr & Gallagher served as debt financing counsel, and Latham & Watkins served as special regulatory counsel. Citi and Wells Fargo acted as financial advisors to Owens & Minor, and Kirkland & Ellis served as its legal advisor.
KEY QUOTES:
“For more than 140 years, Owens & Minor has been guided by a strong sense of purpose, and we are proud to support its next chapter as a standalone business. With our sector expertise, carve-out experience, and operational resources, we can help the company become an even more agile and responsive partner to the healthcare industry it serves. We will work with the company to strengthen its foundation, expand its capabilities, and ensure it continues delivering essential products and services when and where customers need them most.”
Jacob Kotzubei, Co-President of Platinum Equity
“Owens & Minor P&HS has a proud legacy of putting customers first, and we are excited to help carry that forward. Our goal is to ensure continuity while making thoughtful improvements that keep the company dynamic, responsive, and aligned with the evolving needs of its customers. We will work closely with the team to help strengthen fulfillment performance, drive operational excellence across manufacturing and distribution, and accelerate growth in proprietary products. At the same time, we will invest in supply chain enhancements to help improve efficiency and resiliency.”
Platinum Equity Managing Director Matthew Louie
