Hellman & Friedman funds (MDLN) report 153M Medline Class A shares in latest ownership update

Q: How many Medline Inc. (MDLN) shares do the Hellman & Friedman entities report owning?

The reporting Hellman & Friedman entities may be deemed to beneficially own 153,327,675 shares of Medline Inc. Class A common stock. This total includes both currently held shares and shares issuable upon exchange of Common Units held by Mend Investment Holdings I, L.P.

Q: How many Medline Inc. (MDLN) shares are outstanding for the ownership calculation?

The ownership percentages are calculated using 877,351,218 shares of Class A common stock outstanding, plus 82,453,349 issuable shares upon exchange of Common Units. This combined figure forms the denominator for the reported ownership percentages.

Q: What are the key Medline Inc. (MDLN) positions of specific Hellman & Friedman funds?

HFCP X Parallel holds 61,054,619 Class A shares , HFCP X Parallel-A holds 6,377,698 shares , and Mend Partners II holds 3,422,699 shares . Mend Investment Holdings I, L.P. is associated with 82,472,659 Class A shares , including shares issuable upon exchange of Common Units.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

SCHEDULE 13G/A

Rhea-AI Filing Summary

Medline Inc. received an updated ownership report from a group of Hellman & Friedman–affiliated investment vehicles. As of June 30, 2026, these reporting entities may be deemed to beneficially own 153,327,675 shares of Class A common stock of Medline Inc., representing up to 16.0% of the class for certain entities.

The position includes shares already outstanding and 82,453,349 shares of Class A common stock issuable to Mend Investment Holdings I, L.P. upon one-for-one exchange of Common Units of Medline Holdings L.P., which are paired with non‑economic Class B common stock. The filing details the control relationships among the various Hellman & Friedman funds and general partners and states that directors of H&F Corporate Investors X, Ltd. disclaim beneficial ownership of the reported shares.

Key Figures

Beneficial ownership: 153,327,675 shares of Class A common stock Ownership percentage: 16.0 % Shares outstanding: 877,351,218 shares of Class A common stock +4 more

7 metrics

Beneficial ownership 153,327,675 shares of Class A common stock Aggregate shares the reporting persons may be deemed to beneficially own as of June 30, 2026

Ownership percentage 16.0 % Percentage of Class A common stock attributed to certain Hellman & Friedman entities

Shares outstanding 877,351,218 shares of Class A common stock Outstanding shares used to calculate ownership percentages, plus additional issuable shares

Issuable shares via Common Units 82,453,349 shares of Class A common stock Shares issuable to the reporting persons upon one-for-one exchange of Common Units

HFCP X Parallel holding 61,054,619 shares Class A common stock held by Hellman & Friedman Capital Partners X (Parallel), L.P.

Mend Partners II holding 3,422,699 shares Class A common stock held by Mend Partners II, L.P.

Mend Investment I beneficial holding 82,472,659 shares Class A common stock beneficially owned through Mend Investment Holdings I, L.P.

Key Terms

beneficially own, Class B common stock, Common Units, exchange agreement, +2 more

6 terms

beneficially own financial

"may have been deemed to beneficially own an aggregate of 153,327,675 shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

Class B common stock financial

"The Common Units held by Mend Investment I are paired with an equal number of the Class B common stock"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

Common Units financial

"82,453,349 shares of Class A Common Stock issuable to Mend Investment I upon exchange for an equal number of the Common Units"

Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.

exchange agreement financial

"Pursuant to the terms of an exchange agreement, dated as of December 16, 2025"

A written deal in which two parties agree to swap assets, securities or obligations under set terms—think of it as a formal swap or trade contract. For investors it matters because such agreements can change who owns what, alter a company’s capital structure, affect future cash flows or dilute existing shares, and therefore influence value and risk in a straightforward, contract-driven way.

sole voting power financial

"Sole Voting Power 61,054,619.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole Dispositive Power 153,327,675.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

FAQ

How many Medline Inc. (MDLN) shares do the Hellman & Friedman entities report owning?

The reporting Hellman & Friedman entities may be deemed to beneficially own 153,327,675 shares of Medline Inc. Class A common stock. This total includes both currently held shares and shares issuable upon exchange of Common Units held by Mend Investment Holdings I, L.P.

What percentage of Medline Inc. (MDLN) Class A stock is held by the Hellman & Friedman group?

Based on the share count used in the filing, certain Hellman & Friedman entities report beneficial ownership of up to 16.0% of Medline’s Class A common stock. Percentages are calculated including shares issuable upon exchange of Common Units.

How many Medline Inc. (MDLN) shares are outstanding for the ownership calculation?

The ownership percentages are calculated using 877,351,218 shares of Class A common stock outstanding, plus 82,453,349 issuable shares upon exchange of Common Units. This combined figure forms the denominator for the reported ownership percentages.

What are the key Medline Inc. (MDLN) positions of specific Hellman & Friedman funds?

HFCP X Parallel holds 61,054,619 Class A shares, HFCP X Parallel-A holds 6,377,698 shares, and Mend Partners II holds 3,422,699 shares. Mend Investment Holdings I, L.P. is associated with 82,472,659 Class A shares, including shares issuable upon exchange of Common Units.

How do Common Units and Class B stock relate to Medline Inc. (MDLN) Class A shares?

Mend Investment Holdings I, L.P. holds Common Units of Medline Holdings L.P. paired with Class B common stock. Each Common Unit can be exchanged one-for-one for a share of Class A common stock, and the corresponding Class B share is automatically cancelled on exchange.

Do the Hellman & Friedman directors personally claim ownership of Medline Inc. (MDLN) shares?

A three-member board of H&F Corporate Investors X, Ltd. has voting and investment discretion, but each board member disclaims beneficial ownership of the Medline Inc. shares reported as held through the affiliated entities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Available on EDGAR 08/11/2026 - 06:31 PM Accepted by SEC EDGAR 08/11/2026 - 06:30 PM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Medline Inc.

(Name of Issuer)

Class A common stock, par value $0.0001 per share

(Title of Class of Securities)

58507V107

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Medline Inc.

(b)

Address of issuer's principal executive offices:

3 Lakes Drive, Northfield, Illinois 60093

Item 2.

(a)

Name of person filing:

This Amendment No. 2 ("Amendment") amends the initial statement on Schedule 13G filed on February 13, 2026, as amended by Amendment No. 1 thereto filed on May 6, 2026 (as so amended, the "Schedule 13G"), in each case, jointly filed by the following persons (each a "Reporting Person" and collectively, the "Reporting Persons"): (i) Hellman & Friedman Capital Partners X (Parallel), L.P., a Cayman Islands exempted limited partnership ("HFCP X Parallel"); (ii) HFCP X (Parallel - A), L.P., a Delaware limited partnership ("HFCP X Parallel-A"); (iii) Mend Partners II, L.P., a Delaware limited partnership ("Mend Partners II"); (iv) Mend Investment Holdings I, L.P., a Delaware limited partnership ("Mend Investment I"); (v) Hellman & Friedman Investors X, L.P., a Cayman Islands exempted limited partnership ("Investors X GP"); (vi) Mend Partners GP, LLC, a Delaware limited liability company ("Mend GP"); (vii) Mend Investment Holdings GP, LLC, a Delaware limited liability company ("Mend Investment GP"); (viii) Hellman & Friedman Capital Partners X, L.P., a Cayman Islands exempted limited partnership ("HFCP X"); and (ix) H&F Corporate Investors X, Ltd., a Cayman Islands exempted company ("Investors X Ltd."). Investors X GP is the general partner of HFCP X Parallel and HFCP X Parallel-A. Mend GP is the general partner of Mend Partners II. Investors X GP is the managing member of Mend GP. Mend Investment GP is the general partner of Mend Investment I. HFCP X is the managing member of Mend Investment GP. Investors X GP is the general partner of HFCP X. Investors X Ltd. is the general partner of Investors X GP. Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Schedule 13G. Except as set forth herein, the Schedule 13G is unmodified.

(b)

Address or principal business office or, if none, residence:

The principal business address of each of the Reporting Persons is c/o Hellman & Friedman LLC, 415 Mission Street, Suite 5700, San Francisco, CA 94105

(c)

Citizenship:

See Item 2(a)

(d)

Title of class of securities:

Class A common stock, par value $0.0001 per share

(e)

CUSIP No.:

58507V107

Item 4.

Ownership

(a)

Amount beneficially owned:

Item 4(a) of the Schedule 13G is hereby amended and restated as follows: The information contained in rows 5, 6, 7, 8, 9, 10, and 11 on each of the cover pages of this Amendment is incorporated by reference into this Item 4. As of June 30, 2026, the Reporting Persons may have been deemed to beneficially own an aggregate of 153,327,675 shares of the Class A common stock of Medline Inc. (the "Class A Common Stock"), consisting of: (i) 61,054,619 shares of the Class A Common Stock held by HFCP X Parallel, (ii) 6,377,698 shares of Class A Common Stock held by HFCP X Parallel-A, (iii) 3,422,699 shares of Class A Common Stock held by Mend Partners II, (iv) 19,310 shares of Class A Common Stock held by Mend Investment I, and (v) 82,453,349 shares of Class A Common Stock issuable to Mend Investment I upon exchange for an equal number of the common units of Medline Holdings L.P. (the "Common Units") held by Mend Investment I. The Common Units held by Mend Investment I are paired with an equal number of shares of the Class B common stock of Medline Inc. (the "Class B Common Stock"). Pursuant to the terms of an exchange agreement, dated as of December 16, 2025, holders of Common Units have the right to exchange their Common Units for shares of Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and re-classifications. These exchange rights do not expire. Shares of the Class B Common Stock have no economic value and have one vote per share. One share of Class B Common Stock is issued for each Common Unit held. Upon an exchange of Common Units for shares of the Class A Common Stock, an equivalent number of shares of Class B Common Stock held by such holder will be automatically cancelled. Mend GP is the general partner of Mend Partners II and may, as a result, be deemed to beneficially own the 3,422,699 shares of Class A Common Stock beneficially owned by Mend Partners II. Mend Investment GP is the general partner of Mend Investment I and HFCP X is the managing member of Mend Investment GP and, as a result, each of Mend Investment GP and HFCP X may be deemed to beneficially own the 82,472,659 shares of Class A Common Stock beneficially owned by Mend Investment I. Investors X GP is the managing member of Mend GP and the general partner of each of HFCP X Parallel, HFCP X Parallel-A and HFCP X as, as a result, may be deemed to beneficially own an aggregate of 153,327,675 shares of Class A Common Stock beneficially owned by such entities. Investors X Ltd. is the general partner of Investors X GP and may, as a result, be deemed to beneficially own the 153,327,675 shares of Class A Common Stock beneficially owned by Investors X GP. A three-member board of directors of Investors X Ltd. has voting and investment discretion over the securities held by HFCP X Parallel, HFCP X Parallel-A, Mend Partners II., and Mend Investment I. Each of the members of the board of directors of Investors X Ltd. disclaims beneficial ownership of such shares.

(b)

Percent of class:

Item 4(b) of the Schedule 13G is hereby amended and restated as follows: The ownership percentages reflected in this Schedule 13G are calculated based on (i) 877,351,218 shares of Class A Common Stock outstanding as reported in the Issuer's Quarterly Report on Form 10-Q Securities and Exchange Commission on August 5, 2026, plus (ii) 82,453,349 shares of Class A Common Stock issuable to the Reporting Persons upon exchange of Common Units.

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

See row 5 on each of the cover pages of this Amendment.

(ii) Shared power to vote or to direct the vote:

See row 6 on each of the cover pages of this Amendment.

(iii) Sole power to dispose or to direct the disposition of:

See row 7 on each of the cover pages of this Amendment.

(iv) Shared power to dispose or to direct the disposition of:

See row 8 on each of the cover pages of this Amendment.

Item 5.

Ownership of 5 Percent or Less of a Class.

Not Applicable

Item 10.

Certifications:

Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Hellman & Friedman Capital Partners X (Parallel), L.P.

Signature:	/s/ Trevor Watt
Name/Title:	Trevor Watt, Vice President of H&F Corporate Investors X, Ltd., See Exhibit 99.1
Date:	08/11/2026

HFCP X (Parallel - A), L.P.

Signature:	/s/ Trevor Watt
Name/Title:	Trevor Watt, Vice President of H&F Corporate Investors X, Ltd., See Exhibit 99.1
Date:	08/11/2026

Mend Partners II, L.P.

Signature:	/s/ Trevor Watt
Name/Title:	Trevor Watt, Vice President of H&F Corporate Investors X, Ltd., See Exhibit 99.1
Date:	08/11/2026

Mend Investment Holdings I, L.P.

Signature:	/s/ Trevor Watt
Name/Title:	Trevor Watt, Vice President of H&F Corporate Investors X, Ltd., See Exhibit 99.1
Date:	08/11/2026

Hellman & Friedman Investors X, L.P.

Signature:	/s/ Trevor Watt
Name/Title:	Trevor Watt, Vice President of H&F Corporate Investors X, Ltd., See Exhibit 99.1
Date:	08/11/2026

Mend Partners GP, LLC

Signature:	/s/ Trevor Watt
Name/Title:	Trevor Watt, Vice President of H&F Corporate Investors X, Ltd., See Exhibit 99.1
Date:	08/11/2026

Mend Investment Holdings GP, LLC

Signature:	/s/ Trevor Watt
Name/Title:	Trevor Watt, Vice President of H&F Corporate Investors X, Ltd., See Exhibit 99.1
Date:	08/11/2026

Hellman & Friedman Capital Partners X, L.P.

Signature:	/s/ Trevor Watt
Name/Title:	Trevor Watt, Vice President of H&F Corporate Investors X, Ltd., See Exhibit 99.1
Date:	08/11/2026

H&F Corporate Investors X, Ltd.

Signature:	/s/ Trevor Watt
Name/Title:	Trevor Watt, Vice President of H&F Corporate Investors X, Ltd., See Exhibit 99.1
Date:	08/11/2026

Source: View Original Filing on SEC EDGAR