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Medline Industries Sells Major Stakes to Private Equity Investors

According to the companies, Medline Industries, medical equipment and supplies company, has agreed to acquire a majority investment from three private equity firms in a deal expected to complete in late 2021. The announcement comes roughly a month and a half after reports surfaced that the Northfield, Illinois-based supplier was looking to sell for $30 billion.

The corporation appears to have found a consortium of funds run by Blackstone, Carlyle, and Hellman & Friedman due to its hunt. GIC, Singapore’s national wealth fund, has also joined the venture as a partner. The deal was not given a price tag in the weekend announcement, but The Wall Street Journal reported a transaction value of around $34 billion, including debt, based on unidentified sources.

According to other financial media estimates, the investments are worth $30 billion or more. Even though the new investors would possess a majority of the company, Medline’s founding family will continue to be the company’s largest single shareholder. Senior executives, including CEO Charlie Mills, will keep their jobs.

Medline Industries is a privately held company that manufactures and distributes medical supplies for general and specialty medicine and healthcare administrators and consumers. Sterile gloves, surgical blades, lab equipment, office supplies, and wheelchairs are just a few of the items available. The company is engaged mainly in North America, where it has more than 20 production facilities, although it claims to have a global presence in more than 110 countries. It was founded in 1966 by brothers Jim and Jon Mills and has developed to generate $17.5 billion in revenue in 2020 alone.

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