Blackstone, Carlyle, H&F Let GIC Tag Along on Medline Buyout Deal

Posted on 06/06/2021

Are private equity club deals back in style? An investor group made up of Blackstone Group Inc., Carlyle Group Inc. and Hellman & Friedman, will take a majority stake in Northfield, Illinois-based Medline Industries, Inc. Medline Industries is a medical supply company. Singapore’s GIC Private Limited will also participate in the investor group. The transaction is valued at more than US$ 30 billion and it could be one of the largest leveraged buyout deals for 2021. The Mills family will remain the largest single shareholder, according to the statement.

Medline generated sales of US$ 17.5 billion in 2020.

“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 Charlie Mills, Medline CEO, in a release.

Medline is the biggest private U.S. manufacturer and distributor of medical supplies like medical gloves, gowns, and exam tables to hospitals and doctor’s offices. Medline is managed by the Mills family. Medline’s CEO is Charlie N. Mills and his cousin Andy Mills is the firm’s president. In 1997, Charlie Mills and Andy Mills took over the company from their respective fathers, Jim and Jon Mills. Jim and Jon Mills founded the company in 1966. The company went public in 1972 and in 1977 it went private.

In April 2007, Medline acquired the Curad brand of first-aid products, from Beiersdorf AG, entering the retail market.

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