Private Equity Firms to Acquire Medline

A consortium of private equity investors purchase a majority stake in the national distributor, but the company's family management will remain in place.

• By David Kopf
• Jun 10, 2021

National medical equipment distributor Medline Industries Inc. has agreed to sell a majority stake to a consortium of private equity investors for reportedly more than $30 billion.

The Blackstone Group, The Carlyle Group and Hellman & Friedman will acquire the medical equipment giant, which has more than 28,000 employees and annual sales of approximately $17.5 billion.

That said, the Northfield, Ill.-based medical equipment giant will remain a privately held company led by the Mills family. Its current senior management team will remain in place, as well.

Medline will use the funds from the acquisition to expand its product offerings, invest in infrastructure and continues its international expansion.

“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,” Medline CEO Charlie Mills 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,” said Joe Baratta, Global Head of Private Equity at Blackstone. “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.”

The investment is expected to close in late 2021 and is subject to regulatory approvals and customary closing conditions, according to a statement from Medline.