Medline Industries (IPO attempt)

active

Healthcare — Blackstone / Carlyle / Hellman & Friedman

Deal Terms

Entry Year2021

Entry EV$34B

Entry Multiple18x

Leverage5.5x

Debt Amount$18.7B

Risk Metrics

LTV (est.)55%

Debt / EV0.55x

Notes

Largest PE healthcare deal ever. $34B LBO, $18.7B debt. Medical supply distributor. IPO delayed repeatedly. $21B revenue. PE consortium needs a massive IPO to recoup investment. In the interim, continuation fund structures let PE firms sell to themselves. When the IPO finally happens, public investors inherit the PE-era debt.

Sponsor

Blackstone$1270B AUM