Medline Industries

active

Healthcare — Blackstone / Carlyle / Hellman & Friedman

Deal Terms

Entry Year2021

Entry EV$34B

Entry Multiple18x

Leverage5.5x

Debt Amount$18.7B

Risk Metrics

LTV (est.)55%

Debt / EV0.55x

Notes

$34B LBO — largest PE healthcare deal ever. ~$18.7B debt. Consortium of Blackstone, Carlyle, H&F. Medical supply distributor. Revenue ~$21B. Delayed IPO plans amid market volatility. Massive debt service on razor-thin distribution margins.

Sponsor

Blackstone$1270B AUM

Hot Potato History

1966→Mills family (founder-owned)

2021→Carlyle + Hellman & Friedman + Blackstone($34B)

Active — consortium holding at $34B. Largest PE healthcare deal in history. IPO path unclear.