Blackstone, Carlyle and Hellman & Friedman to Invest in Medline


NORTHFIELD, Ill., June 5, 2021 / PRNewswire / - Medline Industries, Inc., the nation's largest manufacturer and distributor of privately held healthcare products, with 2020 sales in 2020 $ 17.5 billion, announced today that it has reached a definitive agreement that will give it a controlling stake in a partnership made up of funds made by. to get managed Black stone, Carlyle and Hellman & Friedman. Upon completion of the transaction, Medline will remain a privately owned, family-run company.

Medline will continue to be run by the Mills family, who remain the largest single shareholder. The entire senior management team will remain. The company plans to use the new resources from the partnership to expand its product offering, accelerate international expansion, and continue to make new infrastructure investments to strengthen its global supply chain.

"Healthcare improvement has been our focus for decades. This investment from some of the most experienced and successful private investment firms in the world will allow us to accelerate that strategy while preserving the family-run culture that is at the core of our success," said Charlie Mills, Medline's chief executive officer.

Medline works with healthcare providers around the world to deliver 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 commitment to customer service, responsiveness and partnership offer its customers significant added value.

Joe Baratta, Global Head of Private Equity at Black stone, said: “The Mills family have built an exceptional business and we are proud to work with them and the management of Medline to support the company's continued strong growth. Large corporate partnerships with family-run companies are an area where we have deep experience and we look forward to investing in the continued expansion of Medline. "

Steve Wise, Carlyles Global Head of Healthcare said, “We are excited to partner with Medline's impressive management team to accelerate growth through continuous implementation, innovation and investment. With a deep commitment to sustainable value creation, we look forward to leveraging our combined operational capabilities, the 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 every day to treat patients. We are excited to support this commitment and to work with Medline to continue delivering the broadest, deepest skills for the healthcare industry. "

GIC, Singapore State fund, also invests in 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 served as chief financial advisor, BDT & Company, LLC served as financial advisor, and Wachtell, Lipton, Rosen & Katz served as legal advisor to Medline. BoA Securities, Inc., JP Morgan, Barclays Capital, Inc., Morgan Stanley and Centerview Partners are serving as financial advisors to Black stone, Carlyle, and Hellman & Friedman. Simpson Thacher & Bartlett LLP acted as legal advisor to Black stone, Carlyle, and Hellman & Friedman.

About Medline Industries
Medline is a healthcare company: a manufacturer, distributor, and solution provider focused on improving overall healthcare performance. Medline works with both the largest healthcare systems in the country and independent institutions across the continuum of care to provide the clinical and supply chain resources necessary for long-term financial viability in providing quality care. 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 its customers over the long term and respond quickly with tailor-made solutions. Headquarters in Northfield, Ill. Medline employs more than 28,000 people worldwide and operates in more than 110 countries. Learn more about Medline at www.medline.com.

over Black stone
Black stone is one of the world's leading investment firms. We strive 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. We do this by using exceptional people and flexible capital to help companies solve problems. Our $ 649 billion Assets under management include investment vehicles with a focus on private equity, real estate, government bonds and stocks, life sciences, growth stocks, opportunistic sub-investment grade loans, real assets and secondary funds on a global basis. Please visit www.blackstone.com for more information. consequences Black stone on twitter @Black stone.

over Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with in-depth industry expertise that leverages private capital across three business areas: Global Private Equity, Global Credit and Investment Solutions. With $ 260 billion of managed assets to March 31, 2021, Carlyles Its 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 branches on five continents. More information is available at www.carlyle.com. consequences Carlyle on Twitter @OneCarlyle.

About Hellman & Friedman
Hellman & Friedman is a pre-eminent global private equity firm with a distinctive investment approach focused on large-scale equity investments in high quality growth companies. H&F strives to work with first-class management teams whose extensive industry expertise, long-term orientation and collaborative partnership approach enable companies to be successful. H&F targets outstanding companies in select sectors including healthcare, software and technology, financial services, consumer and retail, and other business services. The company is currently investing its tenth fund with over $ 23 billion tied capital and has over has $ 70 billion in assets under management from as March 31, 2021. Learn more about H & F's defining investment philosophy and approach to sustainable results at www.hf.com.

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