LONDON • The Abu Dhabi Investment Authority joins one of the biggest debt buyouts of all time, investing around US $ 1 billion (S $ 1.3 billion) alongside a consortium that acquires the company from medical supplies Medline Industries.
The world’s third-largest fortune fund, known as Adia, will support the takeover of Medline by Blackstone Group, Carlyle Group and Hellman & Friedman, according to people familiar with the matter, who have asked not to be identified.
Singapore’s sovereign wealth fund GIC is also investing in the deal, which values Medline at more than $ 30 billion.
A spokesperson for Adia confirmed the investment in response to Bloomberg queries. According to estimates by Global SWF and the SWF Institute, the Abu Dhabi Rainy Day Fund has amassed just under $ 700 billion in assets, with a mandate to channel the government’s oil surplus into foreign assets. .
Medline is the United States’ largest private manufacturer and distributor of medical supplies such as gloves, gowns, and examination tables for hospitals and clinics.
The private equity consortium beat Canadian investment giant Brookfield Asset Management, which was bidding alone, to acquire the company.
Adia has sought to capitalize on the relationship she enjoys as a funder of some of the world’s largest buyout firms and participate in other transactions. Last year, he agreed to invest with Advent International and Cinven in their US $ 19 billion buyout of the Thyssenkrupp lifting unit. The fund was part of a consortium that bought Nestlé’s skin care business for $ 10 billion in 2019.
It is also Adia’s second consecutive health contract. Last month it took a minority stake in healthcare software provider Dedalus Holding from private equity firm Ardian.
The sovereign wealth fund has set up its own team of private equity professionals, which allows it to make more of its own direct investments. This month, he added another senior hire to his in-house data analytics and artificial intelligence team, set up to develop new investment strategies.