Private equity group buying Medline for $30 billion
Medline Industries, based mostly in Northfield, Illinois, one of many largest producers and suppliers of well being merchandise comparable to units, medical attire, and bandages, had gross sales of $ 17.5 billion in 2020. Founded in 1910 by AJ Mills, the privately owned firm remains to be run by the Mills household.
According to Blackstone, the corporate will proceed to be run by the Mills household, who will stay the most important single shareholder even after the acquisition. The deal is anticipated to shut in late 2021 and is topic to regulatory approvals and customary closing situations. Blackstone and Medline each mentioned in statements on Saturday that Medline’s complete senior administration group will stay in workplace. Medline mentioned the corporate plans to make use of the brand new sources from the deal to broaden its product choices, speed up worldwide growth and make infrastructure investments to strengthen its international provide chain.
“This funding from a number of the world’s most skilled and profitable personal funding corporations will enable us to speed up this technique whereas preserving the family-run tradition that’s on the core of our success,” mentioned Charlie Mills, CEO of Medline.
GIC, Singapore’s sovereign wealth fund, can also be investing as a part of the partnership, the press launch mentioned.