Owens & Minor, Inc. (OMI) announced on Tuesday that it has agreed to sell the company's Products & Healthcare Services (P&HS) segment to Platinum Equity.
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.
"Today's announcement represents another critical step forward in the strategic transformation of Owens & Minor into a leading, pure play home-based care platform," said Edward Pesicka, President & Chief Executive Officer, Owens & Minor.
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.
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.
Owens & Minor will retain a five 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.
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