The Mills family, which ascended to the ranks of the world’s wealthiest dynasties after selling Medline Industries last year, is building its own investment firm to deploy its vast fortune, Bloomberg News reports.
Medline President Andy Mills, a fourth-generation member of the Chicago-based family, has formed Council Ring Capital and assembled a team to help manage a portion of its wealth, according to a person with knowledge of the matter. Council Ring has about $5 billion in assets, said the person, who asked not to be identified because the information is private.
Chief Investment Officer Chuck Murphy, a former executive at Longview Asset Management, declined to comment.
The Mills were on the receiving end of one of the single-biggest liquidity events of all time when they sold a 79% stake in their medical-goods supplier to a consortium of private equity firms in a transaction that valued the company at about $32 billion. The family has maintained a minority stake in Medline, which Andy, his cousin Charles Mills and Andy’s brother-in-law Jim Abrams continue to run.
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