Private Equity Group to Buy Medline for Over $30B

Medline Industries entered an agreement to receive a majority (about $34 billion, according to The Wall Street Journal) investment from a partnership comprised of funds managed by Blackstone, Carlyle and Hellman & Friedman. Following the transaction’s close, Medline will remain a privately held, family-led company.
 
Medline will still be led by the Mills family, who will remain the largest single shareholder. The entire senior management team will stay in place. The company intends to use the new resources from the partnership to expand its product offerings, accelerate international expansion, and make infrastructure investments to strengthen its global supply chain.
 
“Making healthcare run better has been our focus for decades. This investment from some of the world’s most experienced and successful private investment firms will enable us to accelerate that strategy while preserving the family-led culture that is core to our success,” said Charlie Mills, CEO of Medline told the press
 
Medline partners with healthcare providers around the world, delivering products and solutions that reduce costs, increase supply chain efficiency, and improve the quality of care. The breadth of the company’s product portfolio and its dedication to customer service, responsiveness, and partnership provide significant value.
 
Joe Baratta, Global Head of Private Equity at Blackstone, said: “The Mills family has built an exceptional business, and we are proud to partner with them and Medline’s management to support the company’s continued strong growth. Large corporate partnerships with family-led companies are an area where we have deep experience and we look forward to investing in Medline’s further expansion.”
 
Steve Wise, Carlyle’s Global Head of Healthcare, said: “We are excited to partner with Medline’s impressive management team to accelerate growth through continued execution, innovation, and investment. With a deep commitment to sustainable value creation, we look forward to leveraging our combined operational capabilities, expansive healthcare network and capital to support organic and inorganic growth initiatives for the company.”
 
Allen Thorpe, Partner at Hellman & Friedman said: “Medline is known for its unwavering commitment to its customers, providing high-quality medical products that are used to treat patients every day. We are excited to support that commitment and partner with Medline to continue bringing the broadest and deepest capabilities to the healthcare industry.”