NORTHFIELD, Ill., June 5, 2021 /PRNewswire/ -- Medline Industries,
Inc., the nation's largest privately held manufacturer and
distributor of healthcare supplies with 2020 revenue of
$17.5 billion, today announced that
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.
"Making healthcare run better has been our focus for decades.
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,
Chief Executive Officer of Medline.
Medline partners with healthcare providers around the world,
delivering products and solutions that reduce costs, increase
supply chain efficiency, and improve the quality of care. The
breadth of the company's product portfolio and its dedication to
customer service, responsiveness, and partnership provide
significant value for its customers.
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."
Allen Thorpe, Partner at Hellman
& Friedman said: "Medline is known for its unwavering
commitment to its customers, providing high-quality medical
products that are used to treat patients every day. We are excited
to support that commitment and partner with Medline to continue
bringing the broadest and deepest capabilities to the healthcare
industry."
GIC, Singapore's sovereign
wealth fund, is also investing as part of the partnership.
Transaction Details
The investment is expected to be completed in late 2021 and is
subject to regulatory approvals and customary closing
conditions.
Goldman Sachs & Co. LLC acted as lead financial advisor, BDT
& Company, LLC acted as financial advisor and Wachtell,
Lipton, Rosen & Katz acted as legal advisor to Medline. BoA
Securities, Inc., J.P. Morgan, Barclays Capital, Inc., Morgan
Stanley, and Centerview Partners are acting as financial advisors
to Blackstone, Carlyle, and Hellman & Friedman. Simpson
Thacher & Bartlett LLP acted as legal advisor to Blackstone, Carlyle, and Hellman & Friedman.
About Medline Industries
Medline is a healthcare
company: a manufacturer, distributor and solutions provider focused
on improving the overall operating performance of healthcare.
Medline works with both the country's largest healthcare systems
and independent facilities across the continuum of care to provide
the clinical and supply chain resources required for long-term
financial viability in delivering high quality care. With the size
of one of the country's largest companies and the agility of a
family-owned business, Medline is able to invest in its customers
for the long-term and rapidly respond with customized solutions.
Headquartered in Northfield, Ill.
Medline has 28,000+ employees worldwide and does business in more
than 110+ countries. Learn more about Medline at
www.medline.com.
About Blackstone
Blackstone is one of the world's leading
investment firms. We seek to create positive economic impact and
long-term value for our investors, the companies we invest in, and
the communities in which we work. We do this by using extraordinary
people and flexible capital to help companies solve problems. Our
$649 billion in assets under
management include investment vehicles focused on private equity,
real estate, public debt and equity, life sciences, growth equity,
opportunistic, non-investment grade credit, real assets and
secondary funds, all on a global basis. Further information is
available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About Carlyle
Carlyle (NASDAQ: CG) is a global
investment firm with deep industry expertise that deploys private
capital across three business segments: Global Private Equity,
Global Credit and Investment Solutions. With $260 billion of assets under management as of
March 31, 2021, Carlyle's purpose is to invest wisely and
create value on behalf of its investors, portfolio companies and
the communities in which we live and invest. Carlyle employs more than 1,800 people in 29
offices across five continents. Further information is available at
www.carlyle.com. Follow Carlyle on
Twitter @OneCarlyle.
About Hellman & Friedman
Hellman & Friedman is
a preeminent global private equity firm with a distinctive
investment approach focused on large-scale equity investments in
high quality, growth businesses. H&F seeks to partner with
world-class management teams where its deep sector expertise,
long-term orientation and collaborative partnership approach enable
companies to flourish. H&F targets outstanding businesses in
select sectors including healthcare, software & technology,
financial services, consumer & retail, and other business
services. The firm is currently investing its tenth fund,
with over $23 billion of committed
capital, and has over $70 billion in
assets under management as of March 31,
2021. Learn more about H&F's defining investment
philosophy and approach to sustainable outcomes at www.hf.com.
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SOURCE Medline