Private equity purchase looms for medical products maker Medline

Medical products maker Medline, which has grown rapidly making personal protective equipment during the pandemic, could be close to a private equity purchase from the family business.

Various financial news outlets on Saturday reported that a consortium that includes Blackstone Group, Hellman & Friedman and Carlyle Group Inc. is organizing a purchase of approximately $ 30 billion. These reports say that the settlement with the billionaire Mills family could be one of the largest leveraged acquisitions in American history.

Medline made headlines earlier this spring that the privately owned family business was considering a leveraged buyout valuing the company at $ 30 billion. However, neither Medline nor Mills’ relatives have confirmed such conversations and the company had no comment when it arrived Saturday afternoon.

But sources close to Medline say family shareholders are interested in collecting and the company has been looking for a way to pay them while keeping certain members of the Mills family in charge of the company, which has been run by the family for more. one year. century.

Charlie Mills is the CEO of the company and his cousin, Andy, is the president. Andy’s brother-in-law, Jim Abrams, is Medline’s chief operating officer.

Under his leadership, Medline has grown rapidly and the company has invested $ 1.5 billion in capital over the past three years in its distribution centers, warehouses, and other infrastructure. Headquartered in the northern suburbs of Chicago, Medline has about 27,000 employees worldwide and has lately been acquisitive, adding to its portfolio of personal protective equipment and related medical supplies used in hospitals and healthcare facilities around the world. .

Medline’s roots date back to 1910 when AL Mills “moved from a small town in Arkansas to Chicago,” according to a 2020 Forbes profile of the billionaire family.

“The family invented the first surgeon’s gown with 360-degree coverage and was among the first to commercialize blue and green fabrics in the operating room that reduce glare from operating room lights,” says the story of Forbes March 2020. “It was also the first to introduce the now ubiquitous pink and blue striped newborn blankets.”

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