Medical Supplies Giant Medline, Backed by Blackstone and Carlyle, Eyes $50 Billion IPO in 2025!

Medline Industries Inc., a major medical supply company, is considering going public with an initial public offering (IPO) that could value the company at up to $50 billion. Sources close to the matter, who preferred to stay anonymous, said that Medline and its private equity owners are in early discussions with banks about potentially listing the company as early as spring 2025.

Private Manufacturer

Medline, based in Northfield, Illinois, is the largest private manufacturer of medical supplies in the U.S., producing items like gloves, gowns, and exam tables used in hospitals and by doctors. The company was bought in June 2021 for $34 billion by private equity firms Blackstone Inc., Carlyle Group Inc., and Hellman & Friedman, making it one of the largest buyouts ever.

The company has been performing better than expected, encouraging its owners, including Singaporean wealth fund GIC Pte, to consider listing it sooner. However, no final decisions have been made yet about the size or timing of the IPO, and it will depend on market conditions.

No Responds

Representatives from Blackstone, Carlyle, and Hellman & Friedman did not comment, and Medline did not respond to requests for comments.

If Medline goes public, it could be one of the biggest IPOs of 2025. Other large companies are also looking at 2025 for their IPOs after delaying due to unstable market conditions.

Annual Sales

Medline has annual sales of over $21 billion. The company’s 2021 buyout was also one of the largest for a family-owned business, providing significant proceeds to the Mills family of Chicago, who are among the world’s wealthiest.

Medline’s History

Medline’s history dates back to 1910 when A.L. Mills started making butcher’s aprons for Chicago slaughterhouses. His son expanded the company into textiles, and his grandsons founded Medline in 1966. The Mills family remained involved in leadership until last year when Jim Boyle and Jim Pigott took over as CEO and president, respectively. The Mills family still holds positions on the company’s board and retained about a 20% stake in the company after the 2021 deal. However, the exact current ownership stake of the family could not be confirmed.