Cardinal Health completes $1B sale of Cordis business

Cardinal Health (NYSE: CAH) announced today that it has completed the sale of its Cordis business to private equity firm Hellman & Friedman.

The $1 billion sales price included includes the H&F’s assumption of certain liabilities and Cardinal Health’s retention of some working capital accounts.

“As we shared previously, this divestiture demonstrates our disciplined portfolio evaluation approach, and we remain committed to investing in our strategic growth areas,” Cardinal Health CEO Mike Kaufmann said in a news release.

The deal takes place six years after Cardinal Health bought Cordis and its minimally-invasive cardiovascular technology from J&J for nearly $2 billion.

Cordis CEO Shar Matin said: “We believe that an independent Cordis company, combined with an innovative approach to bring differentiated products to market, will allow us to create incremental value for teammates, customers and investors.…

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Private equity firms making majority investment in Medline

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.

Get the full story on our sister site Medical Design & Outsourcing. 

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Private equity firms making majority investment in Medline

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 th…

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Cardinal Health to sell Cordis for $1B

Cardinal Health (NYSE: CAH) announced today that it will sell its Cordis business to private equity outfit Hellman & Friedman (H&F) for $1 billion.

News of the deal — expected to close in the second half of 2021 — comes nearly six years after Cardinal Health bought Cordis and its minimally-invasive cardiovascular technology from J&J for nearly $2 billion.

“Our decision to divest Cordis demonstrates our disciplined approach to evaluating our portfolio and focusing our resources in our strategic growth areas where we are an advantaged owner,” Cardinal Health CEO Mike Kaufmann said in a news release. “Looking forward, we remain committed to our medical distribution and global medical products businesses.”

H&F partner Hunter Philbrick described the deal as an “excellent fit with our philosophy of investing in great businesses.”

Serial entrepreneur Duke Rohlen — CEO of Ajax Health and Zeus Health — is…

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