Northfield-based medical distribution giant Medline Industries is looking to raise more than $5 billion in an initial public offering expected to come next year, Reuters reports.
Medline, owned by private-equity groups Blackstone, Carlyle and Hellman & Friedman, could float the IPO as early as the second quarter of 2025, Reuters reports, citing unnamed sources.
Related: Blackstone looks to digital health to lower healthcare costs
It was reported in July that Medline was in early-stage talks with banks about an IPO that could value the company at as much as $50 billion.
Medline has more than $21 billion in sales, according to its website.
Reuters noted yesterday that Medline's IPO plans come at the same time that dozens of other IPOs are being considered, following years of a slow IPO market.
Medline was sold for $34 billion in leveraged buyout by the private-equity groups in June 2021. The buyout of Mills family's controlling ownership of Medline ranked among the biggest ever of a family-owned business.
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The company’s roots trace to 1910 when A.L. Mills started making butcher’s aprons for Chicago slaughterhouses. His son oversaw the company’s expansion into textiles and his grandsons formed what is known as Medline in 1966.
The next generation held leadership roles at the company until last year when Medline named Jim Boyle and Jim Pigott as chief executive officer and president respectively, succeeding Charlie Mills and his cousin Andy Mills.
Members of the family still serve on the company’s board of directors and have retained a stake of about 20% in the company as part of the 2021 deal, a person familiar with the matter said at the time.
This story first appeared in Crain's Chicago Business.
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