A group of private equity firms that includes Blackstone Group are buying Medline, according to the medical supply maker and distributor. The deal is valued at $30 billion, according to some sources.
The Northfield, Ill.-based manufacturer reported $17.5 billion in revenue in 2020. Other investors include Carlyle and Hellman & Friedman.
A press release announcing the deal said the privately held company, founded in 1910 by A.J. Mills, will remain under the leadership of the Mills family.
Medline will use the investment to "expand its product offerings and accelerate international expansion," according to the press release.
"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 Medline CEO Charlie Mills.
In early May, the company announced it was investing $1.5 billion into the domestic supply chain.
Over the past three years, it added new distribution centers, U.S.-based manufacturing plants and upgraded its technology. The move created 8,500 jobs, resulted in eight new distribution centers, nearly 150 manufacturing expansion projects and a new digital ordering platform, the organization said then. The company also planned to spend an additional $500 million this year as part of the initiative.
The private quity deal is expected to be completed in late 2021 and is subject to regulatory approvals and customary closing conditions.
Both Blackstone and Medline confirmed that Medline's entire senior management team will remain in place.