Richmond, Va., Jan 02 — Owens & Minor, Inc. (NYSE: OMI) (the “Company”) announced the completion of the sale of its Products & Healthcare Services (P&HS) segment and the Owens & Minor brand to Platinum Equity and is renaming the publicly traded parent company Accendra Health, Inc.
“Today’s announcement marks an inflection point in the strategic transformation of Owens & Minor into Accendra Health, a leading nationwide pure play home based care platform. The completion of the sale of the P&HS segment enables the Company to become a more focused and resilient organization that is well equipped to deliver on our commitment to supporting patients with chronic conditions by providing what they need for home-based care. We’re energized by what lies ahead and are confident that our comprehensive product portfolio, expansive payor contracts, and national footprint position us advantageously for the future evolution of home-based care,” said Edward A. Pesicka, President & Chief Executive Officer.
“With Accendra’s full attention dedicated to our Apria and Byram brands, our capital deployment, corporate strategy, and operational execution are focused and aligned to support durable growth and create long-term value,” Pesicka concluded.
On October 7, Owens & Minor, Inc. announced a definitive agreement to sell its P&HS segment along with the Owens & Minor brand. The Company completed the sale to Platinum Equity for $375 million in cash, subject to certain customary adjustments for cash, indebtedness, net working capital, and transaction expenses, and a 5% retained equity stake while also preserving tax attributes in excess of $150 million.