HB Fuller
Assembly Line
H.B. Fuller Acquires Medifill Ltd.; Signs Provisional Agreement to Acquire GEM S.r.l.
H.B. Fuller Company (NYSE: FUL), the largest pureplay adhesives company in the world, today announced that it has signed agreements to acquire two leading medical adhesive technology companies: GEM S.r.l. and Medifill Ltd. These acquisitions build upon H.B. Fuller’s previous investments in the tissue adhesives market — including the acquisition of Cyberbond in 2016, Tissue Seal in 2021, and Adhezion Biomedical in 2023 — significantly expanding the company’s global Medical Adhesive Technologies (MAT) business and geographic footprint.
When combined, the two companies are expected to generate 2024 net revenue and adjusted EBITDA of €23 million and €11.5 million, respectively. The two companies will operate within H.B. Fuller’s Hygiene, Health & Consumable (HHC) Adhesives Global Business Unit (GBU). On a combined basis, the acquisitions will be completed at a pre-synergy EBITDA multiple of 15.5X, and a three-year post-synergy EBITDA multiple of 9.5X based on a combined purchase price of €180 million.