Deal Details

Medline Completes $7.2 Billion Initial Public Offering

Healthcare

Medline initial public offering

Summary

Medline, Inc. (“Medline”) (NASDAQ: MDLN), a portfolio company of Blackstone Inc. (“Blackstone”), The Carlyle Group Inc. (“Carlyle”) and Hellman & Friedman LP (“H&F”), recently completed its upsized initial public offering of 248,439,654 shares of its Class A common stock, including 32,405,172 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $29.00 per share, generating gross proceeds of approximately $7.2 billion (the "Offering”).

Medline intends to use the proceeds from the issuance of 179,000,000 shares to repay outstanding indebtedness under its senior secured term loan facilities and the remainder for general corporate purposes. Medline intends to use the proceeds from the issuance of the remaining 69,439,654 shares, including 32,405,172 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, to redeem an equivalent aggregate number of outstanding equity interests from certain of its pre-IPO owners.

Baird served as a co-manager on the Offering.

About

Medline is the largest provider of medical-surgical products and supply chain solutions serving all points of care. Through its broad product portfolio, resilient supply chain and leading clinical solutions, Medline helps healthcare providers improve their clinical, financial and operational outcomes. Medline employs more than 43,000 people worldwide and operates in more than 100 countries. Medline is headquartered in Northfield, Illinois.

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Blackstone is headquartered in New York, New York.

Carlyle is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest. With $474 billion of assets under management as of September 30, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which it lives and invests. Carlyle employs more than 2,400 people in 27 offices across four continents. Carlyle is headquartered in Washington, D.C.

H&F is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high-quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors, including technology, financial services, healthcare, consumer services & retail and information, content & business services. Since its founding in 1984, H&F has invested in over 100 companies and has over $115 billion in assets under management as of December 31, 2024. H&F is headquartered in San Francisco, California.

Healthcare

Medline initial public offering