Private equity firms buy Medline for reported $34 billion

Business News

BOSTON (AP) — A consortium of private equity firms has reached a deal — reportedly worth about $34 billion — to acquire family-run Medline, the medical supply and equipment company announced Saturday.

The leveraged buyout’s value was reported by The Wall Street Journal, which said the acquiring firms — Blackstone Group, Carlyle Group and Hellman & Friedman LLC — had beat out a rival bid from Brookfield Asset Management, a Canadian investing firm.

Northfield, Illinois-based Medline is a major producer and distributor of everything from anesthesia to wheelchairs, beds and lab supplies used in hospitals and other healthcare centers in more than 110 countries. It also sells consumer products including the Curad line.

Medline said in a statement that the company will continue to be privately held and led by the family of Charlie Mills, the chief executive officer, and that it will remain the largest single shareholder.

It said the entire senior management team will remain in place.

Medline, with 28,000 employees worldwide, said it had revenue of $17.5 billion in 2020.

It said it would use the new investment to accelerate international expansion and strengthen its global supply chain.

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