CSS Vertical align does not work with float

How can I use the vertical-align as well as float in the div properties? The vertical-align works fine if I do not use the float. But if I use the float, then it does not work. It is important for me to use the float:right for the last div.

I am trying following, if you remove the float from all div's then it would work fine:

<div class="wrap">
    <div class="left">First div, float left,  has more text.</div>
    <div class="left2">Second div, float left </div>
    <div class="right">Third div, float right</div>
</div>

CSS:

.wrap{
    width: 500px;
    overflow:hidden;    
    background: pink;
}

.left {
    width: 150px;       
    margin-right: 10px;
    background: yellow;  
    float:left;
    vertical-align: middle;  
    display:inline-block
    
}

.left2 {
    width: 150px;    
    margin-right: 10px;
    background: aqua;
    float:left;
    vertical-align: middle;   
    display:inline-block
}

.right{
    width: 150px;
    background: orange;
    float:right;
    vertical-align: middle;
    display:inline-block
}

http://jsfiddle.net/J5Ujj/1/">JSFiddle</a>

You need to set line-height.

<div style="border: 1px solid red;">
<span style="font-size: 38px; vertical-align:middle; float:left; line-height: 38px">Hejsan</span>
<span style="font-size: 13px; vertical-align:middle; float:right; line-height: 38px">svejsan</span>
<div style="clear: both;"></div>

http://jsfiddle.net/VBR5J/

Edited:

The vertical-align CSS property specifies the vertical alignment of an inline, inline-block or table-cell element.

Read this article for Understanding vertical-align

Vertical alignment doesn't work with floated elements, indeed. That's because float lifts the element from the normal flow of the document. You might want to use other vertical aligning techniques, like the ones based on transform, display: table, absolute positioning, line-height, js (last resort maybe) or even the plain old html table (maybe the first choice if the content is actually tabular). You'll find that there's a heated debate on this issue.

However, this is how you can vertically align YOUR 3 divs:

.wrap{
    width: 500px;
    overflow:hidden;    
    background: pink;
}

.left {
    width: 150px;       
    margin-right: 10px;
    background: yellow;  
    display:inline-block;
    vertical-align: middle; 
}

.left2 {
    width: 150px;    
    margin-right: 10px;
    background: aqua; 
    display:inline-block;
    vertical-align: middle; 
}

.right{
    width: 150px;
    background: orange;
    display:inline-block;
    vertical-align: middle; 
}

Not sure why you needed both fixed width, display: inline-block and floating.