Medline, the medical supplies manufacturer backed by Blackstone, Carlyle Group, and Hellman & Friedman, has reported net sales of approximately $13.5bn in the first half of 2025, up nearly 10% from the same period last year, according to a report by Bloomberg.
The news comes as Medline prepares for a potential initial public offering that could raise around $5bn, which would make it the largest US listing of 2025 if completed before year-end. The IPO would mark a major liquidity event for its PE backers, who have overseen strong growth in both US acute care products ($9.3bn) and international sales ($0.9bn).
The report cites unnamed sources familiar with the matter as revealing that the Northfield, Illinois-based firm’s compound annual growth rate from 2022 through 2024 stood at around 9%, highlighting continued expansion under private equity ownership following its $34bn leveraged buyout in 2021, one of the largest LBOs ever completed.
Medline’s free cash flow was reported at $671m in H1, down from $956m last year, largely due to tariffs and $127 million in legal settlements. Excluding these factors, free cash flow would have declined modestly by 1.6% to $993 million.
Adjusted EBITDA for 2024 grew to $3.4bn from $2.8bn in 2023, underscoring operational performance under private equity stewardship.
