A Medline Industries employee collects examination gloves to include in personal protective equipment (PPE) kits that will be shipped to various health facilities at their warehouse in Mundelein, Illinois, on Monday, October 20, 2014. Photographer: Tim Boyle/ Bloomberg via Getty Images
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A group of private equity firms, including Blackstone Group, Carlyle Group and Hellman & Friedman, agreed to buy a majority stake in medical device manufacturer and distributor Medline Industries, the company announced on Saturday.
Medline, which had revenue of $17.5 billion last year, said it would use the investment to expand its product offering and business internationally.
It did not disclose the financial terms of the deal, which is expected to close at the end of 2021.
Earlier Saturday, The Wall Street Journal reported that the parties were approaching a transaction that could value Medline at more than $30 billion, according to people familiar with the matter.
The Northfield, Illinois company said it will continue to be led by the Mills family, which will remain the majority shareholder. The management team also remains in place. Medline was founded in 1910 by A.L. Mills and now distributes medical supplies to more than 125 countries, according to the company’s website.
“This investment from some of the world’s most experienced and successful private investment firms allows us to accelerate that strategy while preserving the family-led culture that is at the heart of our success,” said Charlie Mills, Medline CEO, in a statement. press release.