Medline Industries Inc., which calls itself “the nation’s largest privately-held manufacturer and distributor of healthcare supplies with 2020 revenue of $17.5 billion,” says it is selling a majority stake in itself to a cluster of powerhouse private equity firms.
The buyers, according to a news release from Medline, is a partnership consisting of funds managed by Blackstone, Carlyle, Hellman & Friedman and GIC — Singapore’s sovereign wealth fund.
The news release adds: “Medline will continue to be led by the Mills family, who will remain the largest single shareholder.”
According to Medline, the senior management team will stay in place, and capital raised through the sale will be used to fund new product offerings, internal expansion and infrastructure improvements “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,” Charlie Mills, chief executive officer of Medline, said in a prepared statement.
Medline states it has more than 28,000 employees and operates in more than 110 countries.
Allen Thorpe, Partner at Hellman & Friedman, said in a prepared statement: “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.”
Hellman & Friedman states it has assets under management of about $70 billion; Carlyle reports $260 billion in assets under management; Blackstone reports $649 billion in assets under management.
The Wall Street Journal stated that the deal is another sign that private equity firms are regaining their interest in major buyouts.