The structure of privately held Medline’s proposed stake sale to a consortium of Hellman & Friedman, Blackstone, and Carlyle Group looks like a seller’s dream. The founding family will retain the largest stake, senior management stays in place, and at 50 percent, the reported equity check financing the deal places less debt pressure on the target’s balance sheet. The same factors make the financial sponsors’ exit path less clear. What is the return profile on the “new” style of LBO evinced by the consortium’s proposed takeover of Medline?
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