A worker from Medline Industries assembles examination gloves to be included in Personal Protective Equipment (PPE) kits to be shipped to various healthcare facilities at their warehouse in Mundelein, Illinois, the United States, Monday, October 20, 2014. Photographer: Tim Boyle / Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
A group of private equity firms, including Blackstone Group, Carlyle Group and Hellman & Friedman, have agreed to buy a controlling stake in medical supplies maker and distributor Medline Industries, the company said on Saturday.
Medline, which reported $ 17.5 billion in revenue last year, said it would use the investment to expand its product offerings and business internationally.
He did not disclose the financial terms of the deal, which is expected to be finalized at the end of 2021.
Earlier on Saturday, The Wall Street Journal reported that the parties were on the cusp of a deal that could value Medline at more than $ 30 billion, according to people familiar with the matter.
The Northfield, Ill., Company said it would continue to be run by the Mills family, who will remain its largest shareholder. Its management team will also remain in place. Medline was founded in 1910 by AL Mills and now distributes medical supplies in more than 125 countries, according to the company website.
“This investment from some of the world’s most experienced and successful private investment firms will allow us to accelerate this strategy while preserving the family culture that is at the heart of our success,” said Charlie Mills, CEO of Medline , in a press release.