Here’s How Much Medline’s Founding Family Is Worth, Per Pending IPO

The Mills family, known for their founding of the medical supplies giant Medline, made headlines in 2021 when they cashed out a majority stake in the family business to private equity for a staggering $30 billion. However, recent revelations in a new securities filing show that the family still holds a significant stake in the company, valued at $6 to $7 billion. When combined with their earlier stake sale, Forbes estimates their total net worth to be around $20 billion.

The Mills family, consisting of Charlie Mills, Andy Mills, and Jim Abrams, has a long history with Medline, which was founded in 1910 by A.L. Mills, the great-grandfather of Charlie Mills. The company’s origins trace back to handmade butcher’s aprons sold in Illinois, which eventually led to the production of hospital garments and medical supplies. Over the years, Medline has been a pioneer in the medical industry, introducing innovations such as the first surgeon’s gown with 360-degree coverage and the iconic pink-and-blue striped blankets for newborns.

Despite their success, the Mills family remained relatively unknown until Forbes profiled them in 2020 during the peak of the Covid-19 pandemic. At that time, Medline played a crucial role in supplying medical supplies to nursing homes, pharmacies, and hospitals nationwide. In a strategic move in 2021, the family decided to sell a majority stake in the company to private equity firms like Blackstone Group, Carlyle Group, and Hellman & Friedman, for $30 billion.

Since the private equity acquisition, Medline has seen significant growth, with sales reaching $25.5 billion in 2024 and profits rebounding to $1.2 billion. The appointment of Jim Boyle as CEO in 2023 marked a shift in leadership, as he became the first non-family member to hold the position. The Mills family, meanwhile, established a family office called Council Ring Capital following the stake sale, indicating a shift towards a more diversified investment approach.

The upcoming IPO of Medline, expected to be valued at up to $55 billion, further underscores the company’s success and the continued wealth of the Mills family. With a combined net worth of $20 billion, the family’s legacy in the medical supplies industry is set to endure for generations to come.