According to sources familiar with the matter at hand, a consortium of three private equity firms, including Carlyle Group and Blackstone Group Inc, have signed a definitive agreement to acquire a majority stake in Medline Industries Inc.
The deal values Medline at more than $30 billion, excluding debt, said sources. Medline has a market capitalization of around $34 billion, including debt, said sources.
“Medline’s current management and founding family, led by Chief Executive Charles Mills, will remain the company’s largest single shareholder when the deal is expected to close in the second half of this year”, said sources.
The three buyout firms purchasing a majority stake in Medline are Hellman & Friedman, Blackstone, and Carlyle. The Government of Singapore Investment Corporation (GIC) is also investing in Medline as part of the deal.
According to Northfield, Illinois-based Medline’s website, the company is one of the largest privately-held manufacturers and distributors of medicals supplies such as surgical equipment, gloves, and laboratory devices used by hospitals around the world. In 2020, it generated revenues to the tune of $17.5 billion.