The firm has managed to beat off competition from other buyout houses according to Reuters, which cited people familiar with the matter.
Phillips-Medisize manufactured parts including surgical instruments and syringes, pumps and surgery kits.
Kohlberg bought into the business using its fifth flagship fund in 2010, before expanding it a year later by picking up Medisize Corp from Swedish private equity firm Ratos.
The company has annual sales of more than $500m according to its website.
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