Medline, which is a leading medical supplies manufacturer and distributor, raised $6.3 billion by offering 216 million shares at $29, within the range of $26 to $30. The Northfield, IL-based company originally planned to offer 170 million shares. Proceeds from the additional shares offered are expected to be used to repurchase shares from existing shareholders. Cornerstone investors Capital Group, Counterpoint Global (Morgan Stanley), Durable Capital Partners, GIC, Janus Henderson, Viking Global, and WCM Investment Management had indicated on $2.4 billion worth of shares in the offering (now 38% of the deal), and the founding Mills Family had indicated on $250 million (now 4% of the deal). At pricing, Medline commands a fully diluted market value of $38.7 billion, 4% higher than previously anticipated.
Medline is a major distributor and manufacturer of medical-surgical products, supplying roughly 335,000 items across two segments: Medline Brand, which includes the company’s own manufactured and private-label products, and Supply Chain Solutions, which distributes third-party medical supplies and provides logistics and procurement services to healthcare organizations. The company produces about one-third of its branded products in 33 global facilities and sources the rest from more than 500 suppliers. Its distribution network includes 69 facilities and a fleet of over 2,000 trucks serving about 95% of US customers within a day. Medline serves as prime vendor for more than 1,300 healthcare organizations under long-term supply agreements and continues to expand into areas such as laboratory, animal health, and international markets.
Medline plans to list on the Nasdaq under the symbol MDLN. Goldman Sachs, Morgan Stanley, BofA Securities, J.P. Morgan, Barclays, Citi, Deutsche Bank, Jefferies, UBS Investment Bank, Evercore ISI, BMO Capital Markets, BNP Paribas, MUFG Securities America, RBC Capital Markets, Santander, Societe Generale, TD Securities, Wells Fargo Securities, WR Securities, Nomura Securities, Leerink Partners, Macquarie Capital, Mizuho Securities, Piper Sandler, Truist Securities, and William Blair acted as joint bookrunners on the deal.
