Medline to promote majority stake to Blackstone, Carlyle and Hellman & Friedman


A worker at Medline Industries collects examination gloves to be shipped in personal protective equipment (PPE) kits to various healthcare facilities in their warehouse in Mundelein, Ill., USA on Monday, Oct. 20, 2014. Photographer: Tim Boyle / Bloomberg via Getty Images

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A group of private equity firms, including Blackstone Group, Carlyle Group and Hellman & Friedman, have agreed to buy a majority stake in medical device manufacturer and distributor Medline Industries, the company said on Saturday.

Medline, which had sales of $ 17.5 billion last year, said it will use the investment to expand its product offering and business internationally.

The financial terms of the transaction, which is expected to close in late 2021, have not been disclosed.

Early Saturday, the Wall Street Journal reported that the parties were nearing a transaction that Medline could value in excess of $ 30 billion, according to people familiar with the matter.

The Northfield, Illinois company said it will continue to be run by the Mills family, who will remain its largest single shareholder. The management team will also remain. Founded in 1910 by AL Mills, Medline now sells medical supplies in more than 125 countries, according to the company’s website.

“This investment from some of the most experienced and successful private investment firms in the world will allow us to accelerate this strategy while preserving the family-run culture that is at the core of our success,” said Charlie Mills, CEO of Medline, in a press release.

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