Core Insights - The Mills family, founders of Medline, sold a majority stake to private equity in 2021 for $30 billion, but their remaining stake is now valued at $6 billion to $7 billion, contributing to a total estimated net worth of $20 billion for the family [1][2][3] - Medline is preparing for a significant IPO this winter, potentially valued at up to $55 billion, marking it as a major event in the market [1] - The company's sales have surged to $25.5 billion in 2024, an 83% increase from $13.9 billion five years prior, with profits rebounding to $1.2 billion [8] Company Background - Medline was founded in 1910 by A.L. Mills, initially selling butcher's aprons before transitioning to medical supplies after a request from a local hospital seamstress [5] - The company has a history of innovation, including the introduction of the first surgeon's gown with 360-degree coverage and the commercialization of specific fabrics to reduce glare in operating rooms [5] Recent Developments - The Mills family established a family office called Council Ring Capital after the 2021 sale and began stepping back from day-to-day operations in 2023 [3][7] - Jim Boyle became the first non-family CEO of Medline in October 2023, indicating a shift in leadership dynamics [7] - Medline's role in the pandemic response was significant, distributing medical supplies to nursing homes, pharmacies, and 45% of hospital systems nationwide [6]