Buyout Firms Prepare Joint Bids For Medline Industries: Report

NORTHFIELD, IL — First round bids to purchase Medline Industries are due in mid-May, and at least eight private equity firms are involved in preparing offers, Bloomberg News reported.

The Northfield-based medical supply and distribution company — the nation's 21st largest privately held firm — has been valued in the $30 billion range. Medline has hired Goldman Sachs to explore a potential sale, according to past reports.

Citing people familiar with matter, Bloomberg reported four bidding groups have emerged as potential buyers for the company, including:

• Bain Capital, Advent International and CVC Capital Partners
• KKR, possibly with Clayton Dubilier & Rice
• Blackstone Group, with Hellman & Friedman
• Apollo Global Management

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RELATED: Potential Medline Sale Could Value Company At Up To $30 Billion

“At this time, we have no details to share about the process,” a Medline representative told Bloomberg News. “Any future decisions will reflect the intent of the Mills family to continue to lead Medline and be a significant owner of the company.”

A.L. Mills founded Medline's precursor in Chicago in 1910, supplying aprons to the stockyards before expanding into medical attire and supplies ahead of World Ward II, according to the a history of the business. His grandchildren founded Medline Industries Inc. in 1966, taking it public in the mid-1970s and later buying it back. One of Mills' greatgrandchildren has been its CEO since 1997.

The sources told Bloomberg the deal could include using up to $10 billion of borrowed money to complete the purchase, potentially one of the largest leveraged buyouts in history. It is also possible no deal with result from the offers, or that the company may elect to go public or sell of a stake, according to the report.

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