Becker Business Podcast: “Medline Goes Public 12-9-25”

Host: Scott Becker
Date: December 9, 2025

Overview

In this episode, Scott Becker discusses Medline’s highly anticipated move to go public. He shares insights into the company’s growth, the financial details of the IPO, the strategic implications, and highlights key stakeholders benefitting from this milestone event. The episode delivers a concise yet informative overview tailored to listeners interested in business developments, private equity, and the healthcare supply industry.

Key Discussion Points & Insights

1. Medline’s Public Offering Announcement

Timestamp: 00:30

• Medline, one of the largest medical supply companies in the country, has filed to go public and will be listed on Nasdaq.
• The public offering values Medline at approximately $55 billion.
• This marks significant growth from the company’s previous valuation of $34 billion during its partial sale about four years prior.

2. Medline’s Growth and Ownership Timeline

• The company’s founding and growth were led by the Mills family, a "brilliant group of leaders" out of Chicago.
• In 2021, part of Medline was sold to private equity firms including Bartlett, Blackstone, Carlisle, Hellman & Friedman (00:56).
• The sale in 2021 pegged the company at $34 billion; since then, the valuation has increased by over 60%.

3. IPO Details & Strategic Implications

• Medline aims to raise approximately $5.5 billion by selling about 10% of its shares to the public (01:20).
• Benefits highlighted:
  • Immediate capital for future deals and expansion.
  • Long-term liquidity for all shareholders.
  • Strategic “currency” (public shares) that can fuel mergers, acquisitions, and new investments.

4. Stakeholder Impact

• Mills Family: Scott praises them for their vision and achievements:

  "The family behind the whole thing, the Mills family, ought to be extremely proud of what they've built in the outcome here." (01:05)

• Private Equity Investors:

  • Blackstone, listed as a major player, stands out as a beneficiary after not having "many exits the last several years." (01:13)
  • Other mentioned investors: Carlisle, Hellman & Friedman.

• Overall Assessment:

  "An amazing home run all the way around for Blackstone, the Mills family and everybody else. Congratulations. Incredible to watch." (02:06)

5. Business Book Shout-out

• Scott briefly plugs his new book, indirectly tying in Medline’s success:

  "Quite frankly, the Mills family, Andy and Charlie should have written the book and Jimmy, but Building Great Businesses create momentum, overcome setbacks, and scale with confidence. It's available on Amazon." (02:35)

Notable Quotes & Memorable Moments

• On Medline’s Leadership and Legacy:

  "Brilliant group of leaders. Originally the Mills family and relationships who really ran the company, grew it to evaluation about 34 billion."
  — Scott Becker [00:49]

• On the IPO’s Market Impact:

  "What it really does is provides liquidity over time for the entire company and gives them currency to do new deals with. So all kinds of benefits to Blackstone."
  — Scott Becker [01:25]

• On the Overall Outcome:

  "But an amazing home run all the way around for Blackstone, the Mills family and everybody else. Congratulations. Incredible to watch."
  — Scott Becker [02:06]

Key Timestamps

| Timestamp | Segment | |-----------|---------------------------------------------| | 00:30 | Introduction—Medline files to go public | | 00:49 | Medline's ownership & Mills family history | | 01:13 | Recap of private equity investment | | 01:20 | Details on IPO value and stake | | 02:06 | Summary, congratulations, and reflection | | 02:35 | Book suggestion relevant to topic |

Summary

Scott Becker’s commentary provides a rapid, insider’s view into Medline’s IPO. He underlines the company’s massive growth, strategic transformation through private equity partnerships, and the prospective benefits for new public investors. Through concise analysis and clear appreciation of Medline’s founders and investors, Becker frames the IPO as a landmark moment—not just for Medline, but for the broader business community.

Listeners interested in healthcare, business transformation, or investment strategy will find this episode a useful, celebratory account of a significant business milestone.