Family-owned Medline selling major stake in Northfield company to free up cash, expand business internationally

Medline on Saturday said it agreed to sell a majority stake in the company to funds managed by private equity firms Blackstone Group, Carlyle Group and Hellman & Friedman. Medline CEO Charlie Mills and President Andy Mills, who are cousins, declined to disclose the size of the stake and the value of the deal Tuesday, but said 20 to 30 family members should benefit from it. The Wall Street Journal reported the value of the deal at about $34 billion, including debt, based on information from anonymous sources.