AltAssets reported last week that the firm was in pole position to buy the asset having beaten off competition from other buyout houses.
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.
Phillips-Medisize has annual sales of approximately $600m according to a statement from the business.
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