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04/2026Minority

Apollo Global Management invests in Medical-Surgical Solutions

UNITED STATES Healthcare Services / Hospital Logistics EV $10–25bn

Context

McKesson Corporation has finalized a definitive agreement to sell a minority ownership interest (13%) in its Medical-Surgical Solutions (MMS) business to funds managed by affiliates of Apollo. The strategic rationale for this transaction centers on a "separation-validation" play, merging the target's industry-leading technical operational depth in healthcare distribution with the acquirer's extensive expertise in supporting complex corporate carve-outs. This structural alignment provides the organization with the strategic and financial flexibility required to pursue its definitive separation strategy in preparation for a planned initial public offering. This operation allows the group to execute a definitive structural transition toward operating as a standalone company while maintaining a well-capitalized balance sheet. By incorporating the sponsor's strategic discipline and experience in public market transactions, the organization is now positioned to optimize its governance and operational platforms.

The acquisition of Medical-Surgical Solutions is part of the growth strategy of Apollo Global Management, which already has several external growth operations under its belt, notably The Goodlife Group in 2026.

Medical-Surgical Solutions, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

-> Deep-dive in Healthcare & Pharma market trends

Target

Medical-Surgical Solutions, MSS, operates as a comprehensive distributor of medical-surgical supplies, offering a specialized portfolio of over 300,000 products including high-precision surgical instruments, exam room diagnostic equipment, and advanced wound care solutions. Its business model integrates the distribution of consumables (such as personal protective equipment (PPE), incontinence products, and clinical laboratory supplies) with sophisticated technical services. These services encompass proprietary inventory management software, supply chain analytics, and clinical consulting designed to optimize the operational efficiency of non-acute facilities. Strategically, the firm focuses on the deployment of point-of-care testing technologies and pharmaceutical distribution tailored for ambulatory surgery centers, physician offices, and home healthcare environments. By providing both the physical hardware and the digital data-driven infrastructure for procurement, the entity facilitates the structural efficiency of localized clinical care.

Ent. Value

$10–25bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2025
$5–15bn
$1–10bn
[members only]
2024
$5–15bn
$1–10bn
[members only]

Other operations with Apollo Global Management

Other operations with Apollo Global Management
DateAcquirerTargetCountrySector
05/2026APOLLO GLOBAL MANAGEMENT / ALPINE INVESTORSAPEX SERVICE PARTNERSUNITED STATESHVAC
05/2026APOLLO GLOBAL MANAGEMENTNOBLE ENVIRONMENTALUNITED STATESCollection & Recycling
04/2026APOLLO GLOBAL MANAGEMENTFORVIA INTÉRIEURSFRANCEAuto Parts & Systems
03/2026APOLLO GLOBAL MANAGEMENTTHE GOODLIFE GROUPCANADALeisure Facilities
12/2025APOLLO GLOBAL MANAGEMENTPROSOLFRANCEGeneral Grocery
08/2025APOLLO GLOBAL MANAGEMENTKELVIONGERMANYBoilers & Thermal Solutions
01/2025APOLLO GLOBAL MANAGEMENT / BC PARTNERSGFL ENVIRONMENTAL SERVICES BUSINESSCANADAHazardous Waste
08/2023APOLLO GLOBAL MANAGEMENT / IRENIC CAPITALARCONICUNITED STATESMetallurgy / Foundry
03/2018APOLLO GLOBAL MANAGEMENTQDOBA RESTAURANTUNITED STATESRestaurants / Chains
10/2015APOLLO GLOBAL MANAGEMENT / BPIFRANCEVERALLIAFRANCEGlass Packaging

Similar deals in Healthcare Services

Similar deals in Healthcare Services
DateAcquirerTargetCountrySector
09/2026CVCUNITEX TEXTILE SERVICESUNITED STATESSterilization & Hygiene
08/2026AGENTIS HEALTH GROUPCLINICAL PHARMACIST SOLUTIONSUNITED KINGDOMHealthcare Services
03/2026RADNETGLEAMERFRANCEHealth Tech
03/2026THERMO FISHER SCIENTIFICCLARIO HOLDINGSUNITED STATESCRO / Clinical Trials
01/2026ANTIN INFRASTRUCTUREEMSERENETHERLANDSCRO / Clinical Trials
01/2026TPGOPTUM UKUNITED KINGDOMHealth Tech
01/2026PERMIRACARNE GROUPIRELANDHealthcare Services
01/2026SAGARDQUIPMENTFRANCEHealthcare Services
12/2025PHARMA EQUITY GROUPOTIOMDENMARKHealth Tech
11/2025EURAZEOEXCELYAFRANCECRO / Clinical Trials

REFERENCES

Valuation range: EV $10–25bn

Revenue range: $5–15bn

EBITDA range: $1–10bn

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Medical-Surgical Solutions by Apollo Global Management are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Medical-Surgical Solutions, an American company specialised in Hospital Logistics, by Apollo Global Management in 2026.

How was the acquisition of Medical-Surgical Solutions by Apollo Global Management valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $10–25bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Medical-Surgical Solutions’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Medical-Surgical Solutions generated annual revenue estimated in the $5–15bn range and EBITDA in the $1–10bn bracket (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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