Medline Founders’ Net Worth Revealed in Upcoming IPO

The anticipated IPO of Medline is poised to become one of the largest public offerings this winter. With a valuation potentially reaching $55 billion, the IPO sheds new light on the net worth of the Mills family, the company’s founders. Medline has been a key player in the medical supplies sector since its establishment in 1910.

Medline’s Founders: The Mills Family

The Mills family, which has been at the forefront of Medline since its inception, previously sold a majority stake to private equity in 2021. That deal valued the company at approximately $30 billion. Currently, Forbes estimates the family’s remaining stake is worth between $6 billion and $7 billion. This estimation is based on expected share prices ranging from $26 to $30 per share.

Financial Growth

Since the private equity sale, the Mills family’s total net worth is estimated at $20 billion. This marks a significant increase from the $1.1 billion calculated by Forbes in 2014. The family’s wealth is made up of:

• $6 billion to $7 billion from the remaining stake in Medline.
• An estimated pretax value of $22 billion from the prior stake sale in 2021.

Company Highlights

Medline’s journey began with A.L. Mills, Charlie Mills’ great-grandfather, in a modest Arkansas town. He expanded into Illinois to provide hospital garments, sparked by a request from a hospital seamstress. Over the years, the company innovated significantly:

• Developed the first surgeon’s gown with full coverage.
• Pioneered the use of glare-reducing blue and green fabrics in operating rooms.
• Introduced the iconic pink-and-blue striped blankets for newborns.

Impact on Healthcare

Medline has become a critical supplier of medical essentials, providing products to nursing homes, pharmacies, and nearly half of all hospital systems in the United States. The company played a vital role in the nation’s healthcare response during the COVID-19 pandemic.

Current Developments

In October 2023, Jim Boyle was appointed as the first non-family CEO of Medline. Following the family’s majority stake sale, they stepped back from daily operations, establishing a family office called Council Ring Capital to manage their investments. Under private equity ownership, Medline saw revenue jump to $25.5 billion in 2024, reflecting an 83% increase from five years prior. Profits also rebounded significantly, reaching $1.2 billion compared to a small loss a few years earlier.

The upcoming IPO is expected to be a watershed moment for Medline, showcasing both its growth and the substantial wealth of the Mills family.