Medline Industries will stay a privately-held, family-run medtech giant after a majority investment from private equity firms.
Blackstone, Carlyle and Hellman & Friedman are making the investment in Medline, which media reports peg at $34 billion.
Medline will continue to be family-led by CEO Charlie Mills, President Andy Mills and COO Jim Abrams will continue to lead the company — as they have since 1997 — and the senior management team will remain. The Mills family will also remain the largest single shareholder.
Medline plans to use the influx of cash to expand its product offerings, accelerate international expansion and continue to make new infrastructure investments to strengthen its global supply chain. Medline saw $17.5 billion in revenue in 2020.
“Making healthcare run better has been our focus for decades. 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,” Charlie Mills said in a June 5 news release.