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Blackstone, Carlyle, and Hellman & Friedman have won PE Hub's Overall Deal of the Year Award for Medline's $7.2 billion IPO on December 17, 2025. This IPO is the largest private equity-backed and healthcare IPO ever, valuing Medline at $65 billion.

The firms acquired Medline in 2021, investing in automation and strategic add-ons, resulting in 9% annualized revenue growth. Medline operates 26 manufacturing facilities and 69 distribution centers, making it resilient to tariff pressures. Under CEO Jim Boyle, the company focused on low-cost, high-value products and market share expansion, closing eight add-on acquisitions.