Standalone P&HS anticipated to benefit from Platinum's carve-out experience, sector expertise and commitment to growth

Owens & Minor to retain a 5% equity stake in the business

LOS ANGELES, Oct. 7, 2025 /PRNewswire/ -- Platinum Equity announced today that it has entered into a definitive agreement to acquire the Products & Healthcare Services ("P&HS") segment of Owens & Minor (NYSE: OMI). Owens & Minor will retain a five percent interest in the business.

Headquartered in Richmond, VA, P&HS is a vertically-integrated medical supply distribution platform primarily serving the acute care market. It is a leading national distributor of medical and surgical supplies for hospitals, health systems, and other healthcare providers across the United States.

"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," said Jacob Kotzubei, Co-President of Platinum Equity. "We are pleased to provide Owens & Minor a divestiture solution for P&HS and are grateful for the continued partnership. With the support of Platinum's operational capabilities, we are excited about further enhancing P&HS's global capabilities to deliver essential products and services when and where its customers need."

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. In recent years the firm has acquired businesses from firms like Ball Corporation, Caterpillar, Emerson Electric, Ingersoll Rand and Kohler, among others.

"Platinum Equity is the perfect home for the Products & Healthcare Services business," said Edward A. Pesicka, President & Chief Executive Officer of Owens & Minor. "Platinum's commitment to building on the customer-centric legacy of the business and to strategically invest to stay at the forefront of the evolving healthcare market will serve all stakeholders very well long into the future."

Platinum Equity Managing Director Matthew Louie said that P&HS's profile, combined with favorable macro dynamics, make the opportunity attractive for Platinum Equity's hands-on operational approach to creating value.

"We believe the aging U.S. population and increasing demand for healthcare services will continue to drive sustainable long-term demand for medical supplies distribution," said Louie. "We are committed to growing the P&HS business and have strong conviction in its potential as a standalone company. We look forward to working with the team to support its continued growth and operational transformation."

The transaction is expected to close near the end of the year, subject to regulatory review and other customary closing conditions.

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.

Citi and Wells Fargo are acting as financial advisors to Owens & Minor. Kirkland & Ellis is serving as Owens & Minor's legal advisor.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $50 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O^® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 30 years Platinum Equity has completed more than 500 acquisitions.

Contact:

Dan Whelan

Platinum Equity

dwhelan@platinumequity.com

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SOURCE Platinum Equity

PLATINUM EQUITY TO ACQUIRE PRODUCTS & HEALTHCARE SERVICES BUSINESS FROM OWENS & MINOR