Construction will continue on the expansion of Medline ReNewal in Redmond despite a majority purchase of its parent company by a trio of firms.
“The sale has no impact on our plans with ReNewal, its personnel, expansion or how we run the company,” said Jesse Greenberg, Medline public affairs director, in an email to The Bulletin. “We’re still as excited about our growth in this important area of healthcare as we ever were.”
Construction plans call for doubling the size of the Redmond facility. The work should be completed later this summer or early fall, Greenberg said.
A consortium of private equity firms has reached a deal — reportedly worth about $34 billion — to acquire family-run Medline, the medical supply and equipment company announced Saturday.
The leveraged buyout’s value was reported by The Wall Street Journal, which said the acquiring firms — Blackstone Group, Carlyle Group and Hellman & Friedman LLC — had beat out a rival bid from Brookfield Asset Management, a Canadian investing firm.
Northfield, Illinois-based Medline is a major producer and distributor of everything from anesthesia to wheelchairs, beds and lab supplies used in hospitals and other health care centers in more than 110 countries. It also sells consumer products including the Curad line.
Medline said in a statement that the company will continue to be privately held and led by the family of Charlie Mills, the chief executive officer, and the family will remain the largest single shareholder. The entire senior management team will remain in place.
Medline, with 28,000 employees worldwide, said it had revenue of $17.5 billion in 2020.
The company built a $12 million office and manufacturing facility in Redmond’s Desert Rise industrial park in 2017. Earlier this year the company announced it was adding 52,000 square feet to its facility and will be adding 50 new jobs.
Most of the 170 people are employed at the Redmond facility that reprocesses about 4,300 different kinds of medical devices by washing, sharpening and testing items, from compression sleeves to electronic surgical tools.