A Medline Industries employee collects examination gloves to be included in personal protective equipment (PPE) kits that will be shipped to various healthcare facilities at their warehouse in Mundelein, Ill., On Monday, October 20, 2014. Bloomberg via Getty Images
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A group of private equity firms, including Blackstone Group, Carlyle Group and Hellman & Friedman, have agreed to buy a majority stake in medical device manufacturer and distributor Medline Industries, the company said on Saturday.
Medline, which had sales of $ 17.5 billion last year, said it will use the investment to expand its product offering and business internationally.
The financial terms of the transaction, which is expected to close in late 2021, have not been disclosed.
Earlier on Saturday, the Wall Street Journal reported that the parties are nearing a transaction that Medline could value in excess of $ 30 billion, according to people familiar with the matter.
The Northfield, Illinois company said it will continue to be run by the Mills family, who will remain its largest single shareholder. The management team will also remain. Founded in 1910 by AL Mills, Medline now sells medical supplies in more than 125 countries, according to the company’s website.
“This investment from some of the most experienced and successful private investment firms in the world will allow us to accelerate this strategy while preserving the family-run culture that is at the core of our success,” said Charlie Mills, CEO of Medline, in a press release.