Medline Industries

History

2021: Blackstone Group, Carlyle Group and Hellman & Friedman bought Medline for $30 billion

In early June 2021, a group of private investment companies entered into a deal to acquire Medline Industries for more than $30 billion. This is one of the largest purchases of companies involving credit and the sale of assets to cover debts since the financial crisis.

Medline said Blackstone Group, Carlyle Group and Hellman & Friedman have reached an agreement to acquire a controlling stake in the company. Taking into account loans, the deal is estimated at about $34 billion and could be the largest acquisition in the health sector in history. It is also known that in the framework of the transaction, the leadership of the Singapore Investment Corporation (GIC) will become an investor in Medline.

Blackstone Group, Carlyle Group and Hellman & Friedman acquired Medline for $30 billion

The family-owned Medline company, headquartered in Northfield, Illinois, is a relatively little-known but large medical equipment supply business. It manufactures and distributes equipment and consumables used in hospitals, surgical centres, emergency departments and other health facilities in more than 125 countries.

Medline's huge product range includes surgical gowns, viewing gloves and diagnostic equipment, as well as consumer products such as Curad bandages. According to the company's website, Medline has an annual sales volume of about $17.5 billion.

Brothers James and Jon Mills founded the company in 1966, and in 1972 made it public. The brothers bought back the shares five years later. The son of James Charlie Mills has been the CEO of Medline since 1997. The Mills family will remain the company's single largest shareholder after its sale. In addition, the team of managers managing the company will remain the same, Medline management said in a press release.^[1]

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