Private Equity Buyout Looms For Medical Product Maker Medline
Medical product maker Medline, which has grown rapidly making personal protective equipment during the pandemic, could be close to a private equity buyout of the family-owned company.
Several financial news outlets Saturday were reporting that a buyout of about $30 billion is being put together by a consortium that includes, Blackstone Group, Hellman & Friedman and Carlyle Group Inc.
Medline has grabbed headlines earlier this spring that the privately held, family-owned company was considering a leveraged buyout valuing the company at $30 billion. Neither Medline nor Mills family members, however, have confirmed such talks.
But sources close to Medline say family shareholders are interested in cashing out and the company has been looking for a way to pay them while keeping certain members of the Mills family in charge at the company.
Charlie Mills is the chief executive officer of the company and his first cousin, Andy, is president.
Under their leadership, Medline has grown rapidly and the company has invested $1.5 billion in capital in the last three years into its distribution centers, warehouses and other infrastructure. Medline, based in the northern suburbs of Chicago has some 27,000 employees around the world.
Medline’s roots go back to 1920 when A.L. Mills “moved from a small town in Arkansas to Chicago,” a 2020 Forbes profile of the family of billionaires said.