Northfield, Illinois-based Medline Industries, one of the largest manufacturers and suppliers of health care products like devices, medical clothing and bandages, logged $17.5 billion in revenue in 2020. The privately held company, founded in 1910 by A.J. Mills, is still led by the Mills family.
The company will continue to be led by the Mills family, who will remain the largest single shareholder, after the company is purchased, according to a statement from Blackstone. The deal is expected to be completed in late 2021 and is subject to regulatory approvals and customary closing conditions
Blackstone and Medline both said in statements Saturday that Medline's entire senior management team will remain in place. Medline said the company plans to use the new resources from the deal to expand its product offerings, 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 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 a statement.
GIC, Singapore's sovereign wealth fund, is also investing as part of the partnership, according to the statement.
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