Blackstone, Carlyle and Hellman & Friedman to invest in Medline

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NORTHFIELD, Illinois., June 5, 2021 / PRNewswire / – Medline Industries, Inc., the nation’s largest privately-owned manufacturer and distributor of healthcare supplies with 2020 revenue of $ 17.5 billion, announced today that it has entered into a definitive agreement whereby it will receive a majority investment from a partnership made up of funds managed by black stone, Carlyle and Hellman & Friedman. After the transaction closes, Medline will remain a private family business.

Medline will continue to be managed by the Mills family, who will remain the primary sole shareholder. The entire management team will remain in place. The company plans to use the partnership’s new resources to expand its product offering, accelerate its international expansion and continue to make new infrastructure investments to strengthen its global supply chain.

“Improving the way health care works has been our goal for decades. This investment from some of the most experienced and successful private investment firms in the world will allow us to accelerate this strategy while preserving the family culture that is at the heart of our success, ”said Charlie mills, Managing Director of Medline.

Medline partners with healthcare providers around the world, delivering products and solutions that reduce costs, increase supply chain efficiency and improve quality of care. The company’s breadth of product portfolio and dedication to customer service, responsiveness and partnership deliver significant value to its customers.

Joe baratta, Global Head of Private Equity at black stone, said, “The Mills family have built an exceptional business, and we are proud to partner with them and the management of Medline to support the continued strong growth of the business. Large corporate partnerships with family businesses is an area in which we have extensive experience and look forward to investing in the further expansion of Medline.

Steve sage, by Carlyle Global Head of Healthcare, said, “We are delighted to partner with Medline’s impressive leadership 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, extensive healthcare network and capital to support the Company’s organic and inorganic growth initiatives. “

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 delighted to support this commitment and to partner with Medline to continue to bring the broadest and deepest capabilities to the healthcare industry. “

GIC, that of Singapore sovereign fund, also invests within the framework of the partnership.

transaction details

The investment is expected to be completed by the end of 2021 and is subject to regulatory approvals and customary closing conditions.

Goldman Sachs & Co. LLC acted as senior financial advisor, BDT & Company, LLC acted as financial advisor and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Medline. BoA Securities, Inc., JP Morgan, Barclays Capital, Inc., Morgan Stanley and Centerview Partners act as financial advisors to black stone, Carlyle, and Hellman & Friedman. Simpson Thacher & Bartlett LLP acted as legal counsel to black stone, Carlyle, and Hellman & Friedman.

About Medline Industries
Medline is a healthcare company: a manufacturer, distributor and solution provider focused on improving the overall operational performance of healthcare. Medline works with both the nation’s largest healthcare systems and independent institutions across the continuum of care to provide the clinical and supply chain resources necessary for the long-term financial sustainability of healthcare delivery. high quality. With the size of one of the largest companies in the country and the agility of a family business, Medline is able to invest in the long term for its clients and respond quickly with personalized solutions. Based at Northfield, Illinois. Medline has more than 28,000 employees worldwide and operates in more than 110 countries. Learn more about Medline at www.medline.com.

About black stone
black stone 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 in which we invest and the communities in which we operate. To do this, we use amazing people and flexible capital to help businesses solve their problems. Our $ 649 billion assets under management include investment vehicles focused on private equity, real estate, debt and public stocks, life sciences, growth stocks, opportunistic and lower quality credit, real assets and secondary funds, all on a global scale. More information is available at www.blackstone.com. To pursue black stone on Twitter @black stone.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital in three business segments: Global Private Equity, Global Credit and Investment Solutions. With 260 billion dollars of assets under management March 31, 2021, by Carlyle is to invest wisely and create value on behalf of its investors, the companies in its portfolio and the communities in which we live and invest. Carlyle employs over 1,800 people in 29 offices across five continents. More information is available at www.carlyle.com. To pursue Carlyle on Twitter @OneCarlyle.

About Hellman & Friedman
Hellman & Friedman is a leading global private equity firm with a distinctive investment approach focused on large-scale equity investments in high-quality growth companies. H&F seeks to partner with world-class management teams where its deep industry expertise, long-term focus and collaborative partnership approach enable businesses to thrive. H&F targets outstanding companies in select industries including healthcare, software and technology, financial services, consumer and retail, and other business services. The company is currently investing its tenth fund, with more than $ 23 billion of committed capital and has more than $ 70 billion in assets under management at March 31, 2021. To learn more about H & F’s investment philosophy and approach to sustainable results, visit www.hf.com.

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