Medline Industries, Inc. announced it has entered into a definitive agreement through which it will receive a majority investment from a partnership comprised of funds managed by Blackstone, Carlyle and Hellman & Friedman.
Following the close of the transaction, Medline will remain a privately held, family-led company.
Medline will continue to be led by the Mills family, who will remain the largest single shareholder. The entire senior management team will stay in place. The company plans to use the new resources from the partnership to expand its product offerings, accelerate international expansion and continue to make new infrastructure investments to strengthen its global supply chain.
Joe Baratta, Global Head of Private Equity at Blackstone, said, “The Mills family has built an exceptional business, and we are proud to partner with them and Medline’s management to support the company’s continued strong growth. Large corporate partnerships with family-led companies are an area where we have deep experience and we look forward to investing in Medline’s further expansion.”
Steve Wise, Carlyle’s Global Head of Healthcare, said, “We are excited to partner with Medline’s impressive management team to accelerate growth through continued execution, innovation, and investment. With a deep commitment to sustainable value creation, we look forward to leveraging our combined operational capabilities, expansive healthcare network and capital to support organic and inorganic growth initiatives for the Company.”
GIC, Singapore’s sovereign wealth fund, is also investing as part of the partnership. The investment is expected to be completed in late 2021 and is subject to regulatory approvals and customary closing conditions.