Private-Equity Group Reaches Deal to Buy Medline for Over $30 Billion
Blackstone, Carlyle and Hellman & Friedman agree to what would be one of the largest leveraged buyouts since the financial crisis
Medline is a little-known but major player in the field of medical equipment with some $17.5 billion in annual sales.
Photo: Kristoffer Tripplaar/Sipa USA/Associated Press
A group of private-equity firms reached a deal to acquire Medline Industries Inc. that would value the medical-supply company at more than $30 billion, in one of the largest leveraged buyouts since the financial crisis.
Medline said Saturday that Blackstone Group Inc., Carlyle Group Inc. and Hellman & Friedman LLC had reached a deal to take a majority stake in the company.
The Wall Street Journal reported earlier Saturday that the group was close to a deal after beating out a rival bid from the private-equity arm of the Canadian investing firm Brookfield Asset Management Inc.
Including debt, the transaction would be valued at about $34 billion, and north of $30 billion excluding borrowings, people familiar with the matter said. That could potentially make it the largest healthcare LBO ever.
Based in Northfield, Ill., family-owned Medline is a little-known but major player in the field of medical equipment. It manufactures and distributes equipment and supplies used in hospitals, surgery centers, acute care and other medical facilities in more than 125 countries.