Meet the New Billionaires Behind Medline’s Blockbuster IPO

Meet the New Billionaires Behind Medline’s Blockbuster IPO

The global healthcare and capital markets witnessed a major milestone this week as Medline Industries, one of the world’s largest medical supplies companies, officially went public—instantly creating a new generation of billionaires.

Following one of the largest IPOs of 2025, shares of the Illinois-based healthcare giant surged 41% on their first trading day, pushing Medline’s market capitalization beyond $55 billion. The landmark listing elevated five members of the founding Mills family into the ranks of the world’s billionaires, marking a defining moment in the intersection of family enterprise, healthcare innovation, and global capital markets.

Five New Billionaires in a Single Day

The newly minted billionaires are all second-generation heirs of Medline cofounders Jim and Jon Mills, brothers who built the company into a global medical-supply powerhouse.

• Charlie Mills (64) – Former CEO (1997–2023), now chairman
  Estimated net worth: $10.9 billion

• Andy Mills (64) – Former president (1997–2023)
  Estimated net worth: $5.4 billion

• Wendy Abrams (61) – Shareholder and philanthropist
  Estimated net worth: $4.5 billion

• Nancy Mills Barnett (62) – Shareholder
  Estimated net worth: $4.2 billion

• Margaret “Peggy” Baker (60) – Shareholder
  Estimated net worth: $3.8 billion

Together, the Mills family fortune is now estimated at more than $31 billion, placing them among America’s wealthiest private families—despite maintaining a famously low public profile.

Medline’s Long Road to the Public Markets

Founded in 1966, Medline remained 100% family-owned for nearly 55 years, an extraordinary rarity for a company that grew into a global healthcare supplier serving hospitals, clinics, and governments worldwide.

That changed in 2021, when the Mills family sold 79% of Medline to a private-equity consortium led by Blackstone and Carlyle, in a leveraged buyout that valued the company at over $30 billion. Forbes estimates the family netted approximately $18 billion after taxes from that transaction, while retaining a significant minority stake.

At the time of Medline’s IPO, the family still held roughly 21% ownership, later diluted to about 17% after the public offering. Notably, the Mills family did not sell any shares during the IPO—signaling long-term confidence in Medline’s future.

A Healthcare Giant Still Growing

Since the private-equity takeover, Medline’s financial performance has accelerated:

• Revenue growth:
  From $17.5 billion (2020) → $25.5 billion (2024)

• Net income:
  $1.2 billion in 2024
  $1 billion profit in the first nine months of 2025 alone

The company is on pace to exceed prior profit records in 2025, underscoring why investors eagerly embraced the IPO.

How the Family’s Wealth Is Structured

The IPO filings revealed new details about how the Mills family holds its remaining stake. Their ownership is consolidated under an entity called Mozart Holdco, which controls most of the family’s Medline shares.

According to public records and Forbes analysis:

• Charlie Mills trusts: 37%

• Andy Mills trusts: 18%

• Nancy Mills Barnett trusts: 14%

• Wendy Abrams trusts: 12%

• Peggy Baker trusts: 11%

In total, 91% of Mozart Holdco is owned by trusts linked to the five billionaire heirs, offering insight into how generational wealth is managed behind the scenes.

A Century-Long Family Legacy

Medline’s roots stretch back to 1910, when A.L. Mills, the family patriarch, moved from rural Arkansas to Chicago and began selling handmade butcher aprons. After receiving a request from a hospital nun, he pivoted into medical garments—laying the foundation for what would become a healthcare empire.

Over the decades, successive generations expanded into:

• Surgical gowns and linens

• Medical equipment and instruments

• Hospital essentials and infection-control products

Medline gained national prominence during the Covid-19 pandemic, when demand for medical masks, biohazard bags, sanitizer, and protective equipment surged globally. Revenue jumped 26% in 2020 alone, cementing Medline’s role as a critical healthcare supplier during crisis conditions.

Quiet Wealth, Major Philanthropy

Despite their immense fortune, the Mills family is known for its discretion. When they do appear publicly, it is often through philanthropy:

• Andy Mills committed $200 million to the Vivo Foundation

• Wendy and Jim Abrams donated $550 million to their 1111 Foundation

Their philosophy, as expressed by former COO Jim Abrams, reflects a culture of restraint:

“There’s a level of modesty in the company. We don’t walk around with any swagger.”

Global World Citizen Insight

Medline’s IPO is more than a financial event—it is a case study in how family-owned enterprises can scale globally, partner with private equity, and still retain generational control.

The rise of the Mills family highlights key global themes:

• The financial power of healthcare infrastructure

• The growing influence of private equity in public markets

• How legacy businesses evolve into modern global giants

• The quiet emergence of new billionaire families

At GlobalWorldCitizen.com, we track not just wealth—but how it is created, preserved, and passed forward across generations and borders.