Medline, a leading medical supplies firm, is gearing up for a blockbuster IPO worth up to $55 billion this winter. The company, founded by the Mills family in 1910, made headlines in 2021 when they cashed out a majority stake to private equity for $30 billion. However, the Mills family’s remaining stake is still worth a hefty $6 to $7 billion, according to Forbes estimates.
With an estimated pretax stake of $22 billion from the earlier sale, the Mills family – including Charlie Mills, Andy Mills, and Jim Abrams – now have a combined net worth of $20 billion. This marks a significant increase from the $1.1 billion valuation Forbes calculated for them in 2014. Following the sale, the family set up a family office called Council Ring Capital and began stepping back from the company’s operations in 2023.
Medline’s roots trace back to 1910 when A.L. Mills, the great-grandfather of Charlie Mills, started selling handmade butcher’s aprons in Illinois. The company’s expansion into medical supplies was spurred by a nun’s request for hospital garments. Over the years, Medline pioneered several innovations in the medical field, including the first surgeon’s gown with 360-degree coverage and the introduction of blue and green fabrics for operating room attire.
Despite their significant contributions to the medical industry, the Mills family remained relatively unknown until Forbes profiled them in 2020 during the peak of the Covid-19 pandemic. The family’s decision to sell a majority stake to private equity firms in 2021 marked a new chapter for the company, with Jim Boyle taking on the role of CEO in 2023.
Under private equity ownership, Medline has seen substantial growth, with sales reaching $25.5 billion in 2024 and profits rebounding to $1.2 billion. The upcoming IPO is expected to further solidify Medline’s position as a key player in the medical supplies industry.
As the Mills family prepares to reap the rewards of their strategic decisions, their story serves as a testament to the power of generational entrepreneurship and innovation in shaping the future of healthcare.
