A consortium of private equity firms Blackstone Group Inc., Carlyle Group Inc., and Hellman & Friedman has agreed to purchase medical supply manufacturer and distributor Medline Industries Inc.
The Northfield, Illinois-based company, Medline Industries, is the largest privately-held manufacturer and distributor of medical supplies in the United States, generating sales of $17.5 billion in 2020, up more than 25% from the year prior. Medline was founded in 1910 by A.L. Mills and now distributes medical supplies to more than 125 countries.
After the buyout, the Mills family, a Chicago-based clan who’ve been in the medical supply business for four generations, will remain the single largest stockholder in the company and the existing management team will remain in charge.
Charles N. Mills will remain at the company as the chief executive officer; his cousin, Andy Mills as president; and Andy’s brother-in-law Jimmy Abrams as Chief Operating Officer. Charles N. Mills received his Bachelor of Science degree in Engineering and his MBA from Cornell University.
Andy Mills received his Bachelor of Science degree from Tulane University and earned his MBA from the J.L. Kellogg School of Management at Northwestern University. Jimmy Abrams graduated from the University of Michigan with a Bachelor of Arts degree and earned his law degree from the University of Chicago. Upon graduation from law school, he worked for the law firm Kirkland and Ellis.
The company didn’t disclose how much the Mills family will receive in the transaction. The family may be worth as much as $30 billion, giving them a fortune akin to the Pritzker family.
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