Blackstone, Carlyle, and Hellman & Friedman Win PE Hub’s Overall Deal of the Year for Medline's $7.2 Billion IPO
Blackstone, Carlyle, and Hellman & Friedman have won PE Hub's Overall Deal of the Year Award for their role in Medline's $7.2 billion IPO. The offering, which took place on December 17, 2025, is the largest private equity-backed IPO and healthcare IPO in history, valuing Medline at $65 billion. The firms acquired Medline in 2021 for $34 billion, and their investment strategy involved automation, digitization, and strategic add-ons to enhance growth.
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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.
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