While the Illinois-based firm is little known, it's a major player in the health care supply and distribution business. In 2020 alone it pulled in $17.5 billion in revenue.
The deal -- including debt -- would be worth about $34 billion, according to a report in the Wall Street Journal that relied on people familiar with the plan.
According to the publicly released details of the agreement between Medline and the equal partnership between that includes the three private equity firms, the health care supply company will "remain a privately held, family-led company." It is currently headed by chief executive Charlie Mills.
"Medline will continue to be led by the Mills family, who will remain the largest single shareholder," the company said in a press release over the weekend.
The deal is slated to be completed by 2021.
The senior management team at Medline will stay following the deal, it said, and Medline plans to use the "new resources from the partnership" to expand its product offerings, speed its global expansion and make new infrastructure investments to strengthen its worldwide supply chain.
“The Mills family has built an exceptional business, and we are proud to partner with them and Medline’s management to support the company’s continued strong growth. Large corporate partnerships with family-led companies are an area where we have deep experience and we look forward to investing in Medline’s further expansion,” said Joe Baratta, who heads global private equity at Blackstone, in a press statement.
GIC, Singapore’s sovereign wealth fund, is also investing as part of the partnership.
Blackstone closed up by about 88 cents on Friday on the New York Stock Exchange to $93.20 while Carlyle closed nearly even on the Nasdaq at $43.32.
This story has been updated. The subhead has been updated to include Hellman & Friedman.