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Equity group buying Medline for $ 30 billion

Illinois-based Northline, Medline Industries, one of the largest manufacturers and suppliers of healthcare products such as devices, medical clothing and dressings, reported revenue of $ 17.5 billion in 2020. The privately held company, founded in 1910 by AJ Mills is still run by the Mills family.

The company will continue to be led by the Mills family, which will remain the largest single shareholder once the company is acquired, Blackstone said in a statement. The deal is expected to close at the end of 2021 and is subject to regulatory approvals and normal closing conditions.
Blackstone and Medline said in statements on Saturday that the entire Medline management team will remain in place. Medline said the company plans to use the new resources from the deal to expand product offering, accelerate international expansion and make infrastructure investments to strengthen its global supply chain.

“This investment from some of the world’s most experienced and successful private equity firms will allow us to accelerate this strategy while maintaining the family culture that underpins our success,” said Medline CEO Charlie Mills in a statement.

GIC, Singapore’s sovereign wealth fund, is also investing as part of the partnership, the statement said.

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