M&A Deal Summary

Hellman & Friedman, The Carlyle Group, The Blackstone Group and GIC Private Acquires Medline Industries

On June 5, 2021, private equity firm Hellman & Friedman, private equity firm The Carlyle Group, private equity firm The Blackstone Group Inc. and sovereign wealth fund GIC Private Ltd. acquired medical products company Medline Industries, Inc. for 34.0B USD

Acquisition Highlights
  • This is Hellman & Friedman’s 2nd, The Carlyle Group’s 15th, The Blackstone Group’s 6th and GIC Private’s 2nd transaction in the Medical Products sector.
  • This is Hellman & Friedman’s 1st, The Carlyle Group’s 1st, The Blackstone Group’s 1st and GIC Private’s 1st largest (disclosed) transaction.
  • This is Hellman & Friedman’s 54th, The Carlyle Group’s 319th, The Blackstone Group’s 172nd and GIC Private’s 10th transaction in the United States.
  • This is Hellman & Friedman’s 5th, The Carlyle Group’s 19th, The Blackstone Group’s 9th and GIC Private’s 1st transaction in Illinois.

M&A Deal Summary

Date 2021-06-05
Target Medline Industries, Inc.
Sector Medical Products
Buyer(s) Hellman & Friedman
The Carlyle Group
The Blackstone Group Inc.
GIC Private Ltd.
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 34.0B USD
Advisor(s) Goldman Sachs Investment Banking Division
BDT & Co. LLC (Financial)
Wachtell, Lipton, Rosen & Katz LLP (Legal)

Target

Medline Industries, Inc.

Northfield, Illinois, United States
website
Medline is a healthcare company: a manufacturer, distributor and solutions provider focused on improving the overall operating performance of healthcare. Medline works with both the country’s largest healthcare systems and independent facilities across the continuum of care to provide the clinical and supply chain resources required for long-term financial viability in delivering high quality care.

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Buyer(S) 4

Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is the largest private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.


DEAL STATS #
Overall 76 of 76
Sector (Medical Products) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 12 of 12
State (Illinois) 5 of 5
Country (United States) 54 of 54
Year (2021) 4 of 4
Size (of disclosed) 1 of 37
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-06 At Home Group, Inc.

Plano, Texas, United States

At Home Group is a retailer of decorative home accessories, seasonal products, and craft materials. At Home Group offers more than 50,000 on-trend home products to fit any budget or style, from furniture, mirrors, rugs, art, and housewares to tabletop, patio, and seasonal decor. At Home Group was founded in 1979 and is based in Plano, Texas.

Buy $2.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-23 Sprinklr, Inc.

New York, New York, United States

Sprinklr provides the technology that enables large brands to manage customer experiences at every social touchpoint across teams, departments, divisions and geographies. Unlike tools and platforms, Sprinklr is the only fully integrated social relationship infrastructure, ensuring that the voice of the customer is heard throughout the enterprise. Called “the most powerful technology in the market” by a leading analyst, Sprinklr is headquartered in New York City and serves more than 650 brands worldwide including Microsoft, Intel, Virgin America, IHG and 4 of the top 5 US banks.

Sell -
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 84.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 659 of 662
Sector (Medical Products) 15 of 15
Type (Buyout (LBO, MBO, MBI)) 196 of 197
State (Illinois) 19 of 19
Country (United States) 319 of 320
Year (2021) 6 of 9
Size (of disclosed) 1 of 131
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-01 Novetta Solutions LLC

McLean, Virginia, United States

Novetta is a provider of advanced technology-rich software and IT services to the Intelligence Community and Department of Defense. Novetta is based in McLean, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-09 1E Ltd.

London, United Kingdom

1E provides real-time diagnosis, remediation, and automation that fixes issues, fast and without interruption. It puts employees in control, through self-service, self-heal, and sentiment monitoring to understand how they really feel and reduces help desk calls and ultimately costs. 1E was founded in 1997 and is based in London, United Kingdom.

Buy -
Buyer

The Blackstone Group Inc.

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 95.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group LP is a global alternative investment management firm comprised of three business segments. These groups include corporate private equity, real estate, and alternative asset management. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 279 of 287
Sector (Medical Products) 6 of 6
Type (Buyout (LBO, MBO, MBI)) 70 of 71
State (Illinois) 9 of 11
Country (United States) 172 of 178
Year (2021) 10 of 18
Size (of disclosed) 1 of 158
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-03 International Data Group, Inc.

Needham, Massachusetts, United States

IDG provides market intelligence for the fast-growing technology industry. For more than five decades, it has delivered proprietary insights and data for technology suppliers and buyers on every major shift in the technology market -- from the invention of the personal computer and launch of the iPhone to the emergence of cloud computing and artificial intelligence. This new ownership will allow IDG to invest significantly in additional opportunities for ongoing growth across its technology and product portfolio, including strategic acquisitions to extend its market leadership position.

Buy $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-07 QTS Realty Trust, Inc.

Overland Park, Kansas, United States

QTS is a provider of secure, compliant data center solutions and fully managed services. QTS’ integrated technology service platform of custom data center (C1), colocation (C2) and cloud and managed services (C3) provides flexible, scalable, secure IT solutions for web and IT applications.

Buy $10.0B
Buyer

GIC Private Ltd.

Investor Investor Investor Investor Investor

website


Category Sovereign Wealth Fund
Founded 1981
SizeMega
Type Sector Agnostic
DESCRIPTION

GIC Private Ltd. is the investment arm of Singapore. The Group primarily invests through three investment groups, including public markets, private equity and real estate. GIC's private equity practice looks to invest in funds as well as directly in companies. GIC is based in Singapore with additional offices globally.


DEAL STATS #
Overall 31 of 31
Sector (Medical Products) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 3 of 3
State (Illinois) 1 of 1
Country (United States) 10 of 10
Year (2021) 3 of 3
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-26 Ascensus LLC

Dresher, Pennsylvania, United States

Ascensus is an independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most retirement, education, and healthcare. Ascensus was formed in 1980 and is based in Dresher, Pennsylvania.

Buy -