Medline Inc, the US medical supplies business taken private in a $34bn leveraged buyout by Blackstone, Carlyle Group, and Hellman & Friedman in 2021, has publicly filed for an IPO, setting the stage for one of the largest-ever PE -backed listings.
The Northfield, Illinois-based company reported $655m in net income on $13.5bn revenue for the six months ended 28 June, up from $587m on $12.3bn a year earlier.
Sources say the IPO could raise around $5bn, valuing Medline at up to $50bn, potentially surpassing the 2011 HCA Healthcare listing, which remains one of the largest PE-backed floats.
Since the LBO, Medline has expanded under new leadership, with Jim Boyle, a 28-year company veteran, taking over as CEO. The firm acquired Ecolab’s surgical solutions business for $905m in 2024 and invested $1.6bn in its distribution network over the past five years.
Medline employs over 43,000 staff globally and plans a dual-class share structure post-IPO. Goldman Sachs, Morgan Stanley, Bank of America, and JPMorgan Chase are leading the offering, which will list on the Nasdaq under the ticker MDLN.
The IPO proceeds could allow the PE sponsors to partially realise gains from one of the largest buyouts in history, as the company navigates a period of robust growth and capital expansion.
