Medline Industries, a private equity-owned medical supplies provider, is setting its sights on a U.S. initial public offering (IPO) that could potentially raise over $5 billion, Reuters News reported. The Northfield, Illinois-based company’s IPO is anticipated to take place in 2025, possibly as soon as the second quarter, and may value the firm at around $50 billion. This projection, however, is dependent on market conditions, which could lead to adjustments in the company’s plans.
Owned by prominent buyout firms Blackstone (NYSE:), Carlyle, and Hellman & Friedman, Medline has reached out to several investment banks to compete for leading roles in what is expected to be one of the standout IPOs of next year. The discussions, which are still in the confidential stage, come as the market prepares for a wave of high-profile listings following a period of volatility that has seen the IPO market largely subdued over the last two years.
Medline’s move towards an IPO is part of a broader trend, with companies such as CoreWeave, an AI cloud platform operator, and SailPoint, a cybersecurity firm, also progressing with their plans to go public next year.
The company, which is one of the foremost manufacturers and distributors of medical supplies, including surgical equipment, gloves, and laboratory devices, was acquired by its current owners in a deal valued at $34 billion in 2021. Medline’s significant global footprint includes operations in over 100 countries and a workforce of approximately 43,000 people. With annual sales surpassing $23 billion, Medline plays a critical role in supplying hospitals worldwide.
Medline’s roots go back to 1966 when it was founded by brothers James and Jon Mills. It went public in 1972, only to be privatized again by the Mills family. The company’s longtime CEO, Charlie Mills, son of founder James Mills, retired last year, with Jim Boyle, a company veteran, succeeding him.
While Medline has not yet responded to requests for comment on the IPO, and the involved private equity firms have declined to comment, the preparations for Medline’s public offering were previously reported by Bloomberg in July.
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