Blackstone, Carlyle and Hellman & Friedman’s Investment in Medline Industries

Wachtell, Lipton, Rosen & Katz represented Medline Industries in the transaction, while Simpson Thacher & Bartlett LLP acted as legal advisor to Blackstone, Carlyle, and Hellman & Friedman.

Medline Industries, Inc., the nation’s largest privately held manufacturer and distributor of healthcare supplies with 2020 revenue of $17.5 billion, has entered into a definitive agreement through which it will receive a majority investment from a partnership comprised of funds managed by Blackstone, Carlyle and Hellman & Friedman.

Medline will continue to be led by the Mills family, who will remain the largest single shareholder. The entire senior management team will stay in place. The company plans to use the new resources from the partnership to expand its product offerings, accelerate international expansion and continue to make new infrastructure investments to strengthen its global supply chain.

GIC, Singapore’s sovereign wealth fund, is also investing as part of the partnership.

Goldman Sachs & Co. LLC acted as lead financial advisor, BDT & Company, LLC acted as financial advisor to Medline. BoA Securities, Inc., J.P. Morgan, Barclays, Morgan Stanley, and Centerview Partners are acting as financial advisors to Blackstone, Carlyle, and Hellman & Friedman.

Wachtell Lipton’s team was led by Corporate Partners Steven A. Rosenblum (Picture), Zachary S. Podolsky and Mark A. Stagliano and consisted of Adam O. Emmerich, Partner, Meng Lu, Associate, Ahsan M. Barkatullah, Associate, Ping Liu, Associate (Corporate), Nelson O. Fitts, Partner, Patrick R. Ward, Associate (Antitrust), Andrea K. Wahlquist, Partner, Sasha F. Belinkie, Associate, Tallulah R. Tepper, Summer Associate (Executive Compensation and Benefits), Gregory E. Pessin, Partner, John R. Sobolewski, Partner, John H. Bailey, Associate, Kisho Watanabe, Associate (Finance), Jodi J. Schwartz, Partner, and Alexandra M. Ferrara, Associate (Tax).

The Simpson Thacher team included Elizabeth Cooper, Naveed Anwar, Atif Azher, Anthony Vernace, Ravi Purushotham, Michael Chao, Mark Myott, Jacob Gindt and Marina Hernandez (M&A); Alden Millard, Brian Steinhardt, Brian Gluck, Adam Moss and Kyle Nelson (Banking and Credit); Bill Brentani, Dan Webb, Jon Ozner and Estell Lee (Capital Markets); Greg Grogan, Jeannine McSweeney, Joo Hyun Lee, Allison Sweeney and Guanxiong Xu (Executive Compensation and Employee Benefits); Jonathan Goldstein, Sophie Staples, Russell Light and Abigail Hopper (Tax); Erik Quarfordt, Krista McManus and Matthew Freeze (Real Estate); Barrie Covit, Jonathan Karen, David Greene, Steven Klar and Robert Guo (Funds); Lori Lesser, Melanie Jolson and Bobbie Burrows (Intellectual Property); and Peter Guryan, Rick Jamgochian and Max Fischer-Zernin (Antitrust).

Involved fees earner: Naveed Anwar – Simpson Thacher & Bartlett; Atif Azher – Simpson Thacher & Bartlett; William Brentani – Simpson Thacher & Bartlett; Bobbie Burrows – Simpson Thacher & Bartlett; Michael Chao – Simpson Thacher & Bartlett; Elizabeth Cooper – Simpson Thacher & Bartlett; Barrie Covit – Simpson Thacher & Bartlett; Jung Eun Lee – Simpson Thacher & Bartlett; Maxime Fischer-Zernin – Simpson Thacher & Bartlett; Matthew Freeze – Simpson Thacher & Bartlett; Jacob Gindt – Simpson Thacher & Bartlett; Brian Gluck – Simpson Thacher & Bartlett; Jonathan Goldstein – Simpson Thacher & Bartlett; David Greene – Simpson Thacher & Bartlett; Gregory Grogan – Simpson Thacher & Bartlett; Robert Guo – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Marina Hernandez – Simpson Thacher & Bartlett; Abigail Hopper – Simpson Thacher & Bartlett; Richard Jamgochian – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Jonathan Karen – Simpson Thacher & Bartlett; Steven Klar – Simpson Thacher & Bartlett; Joo Hyun Lee – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Russell Light – Simpson Thacher & Bartlett; Krista McManus – Simpson Thacher & Bartlett; Jeannine McSweeney – Simpson Thacher & Bartlett; Alden Millard – Simpson Thacher & Bartlett; Adam Moss – Simpson Thacher & Bartlett; Mark Myott – Simpson Thacher & Bartlett; Kyle Nelson – Simpson Thacher & Bartlett; Jonathan Ozner – Simpson Thacher & Bartlett; Ravi Purushotham – Simpson Thacher & Bartlett; Erik Quarfordt – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett; Brian Steinhardt – Simpson Thacher & Bartlett; Allison Sweeney – Simpson Thacher & Bartlett; Anthony Vernace – Simpson Thacher & Bartlett; Daniel Webb – Simpson Thacher & Bartlett; Guanxiong Xu – Simpson Thacher & Bartlett; John Bailey – Wachtell, Lipton, Rosen & Katz; Ahsan Barkatullah – Wachtell, Lipton, Rosen & Katz; Sasha Belinkie – Wachtell, Lipton, Rosen & Katz; Adam Emmerich – Wachtell, Lipton, Rosen & Katz; Alexandra Ferrara – Wachtell, Lipton, Rosen & Katz; Nelson Fitts – Wachtell, Lipton, Rosen & Katz; Ping-Chun Liu – Wachtell, Lipton, Rosen & Katz; Meng Lu – Wachtell, Lipton, Rosen & Katz; Gregory Pessin – Wachtell, Lipton, Rosen & Katz; Zachary Podolsky – Wachtell, Lipton, Rosen & Katz; Steven Rosenblum – Wachtell, Lipton, Rosen & Katz; Jodi Schwartz – Wachtell, Lipton, Rosen & Katz; John Sobolewski – Wachtell, Lipton, Rosen & Katz; Mark Stagliano – Wachtell, Lipton, Rosen & Katz; Andrea Wahlquist – Wachtell, Lipton, Rosen & Katz; Patrick Ward – Wachtell, Lipton, Rosen & Katz; Kisho Watanabe – Wachtell, Lipton, Rosen & Katz;

Law Firms: Simpson Thacher & Bartlett; Wachtell, Lipton, Rosen & Katz;

Clients: Blackstone; Hellman & Friedman; Medline Industries, Inc.; The Carlyle Group;

Author: Martina Bellini