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A Record Buyout Is Just the Start as Wealthy Flee Tax Hike (1)

June 22, 2021, 3:42 PM

For 110 years, four generations of Mills family members earned their money by expanding their great-grandfather’s Chicago apron business into a medical supplier that ranked among the nation’s largest private companies.

But soon after Democrats turnedtheir attention toward raising taxes for the wealthy this year, the family signed a deal to cash out billions.

It was no coincidence, according to people close to the more-than $30 billion transaction, which sold part of Medline Industries Inc. to a consortium of Wall Street investors in the health-care industry’s biggest leveraged buyout. The threat of subjecting billions in proceeds to additional capital ...