A group of private equity firms, including Blackstone, Carlyle and Hellman & Friedman, have agreed to buy a majority stake in medical supply manufacturer and distributor Medline Industries, the company said Saturday.
A group of private equity firms, including Blackstone Group, Carlyle Group and Hellman & Friedman, have agreed to buy a majority stake in medical supply manufacturer and distributor Medline Industries, the company said Saturday.
Medline, which had $17.5 billion in revenue last year, said it would use the investment to expand its product offerings and its business internationally.
Earlier Saturday, The Wall Street Journal reported the parties were nearing a transaction that could value Medline at more than $30 billion.
The Northfield, Illinois, company said it will continue to be led by the Mills family, who will remain its largest single shareholder, and that its management team will also remain in place. Medline was founded in 1910 by A.L. Mills, and distributes medical supplies to more than 125 countries.
“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 Medline CEO Charlie Mills in a press release.
Financial terms of the deal, which is expected to be completed in late 2021, were not disclosed.