The Mills family will retain at least a 20% interest in medical supply manufacturer and distributor Medline Industries following the company’s $30 billion-plus sale to a consortium of private equity firms, according to Bloomberg. The deal ranks among the biggest transactions ever involving a family-owned business, the media outlet reported.
The Mills family remains one of the world’s wealthiest families, worth an estimated $30 billion, according to the Bloomberg Billionaires Index.
The consortium of Blackstone Group Inc., Carlyle Group Inc. and Hellman & Friedman will hold a majority interest in Medline, but family members will keep their leadership roles at the company and remain the largest single shareholder. Charlie Mills will remain CEO, with his cousin Andy Mills as president and Charlie Mill’s brother-in-law Jim Abrams as chief operating officer. The trio are the second generation to run the family business.
The investment “will enable us to accelerate that strategy while preserving the family-led culture that is core to our success,” Charlie Mills said in a statement. Following the close of the transaction, Medline will remain a privately held, family-led company, the company said.
Medline Industries said it is the nation’s largest privately held manufacturer and distributor of healthcare supplies, with 2020 revenue of $17.5 billion.
“Making healthcare run better has been our focus for decades,” Charlie Mills said in a statement. “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.”