HB Fuller Company, the world’s largest pure-play adhesives manufacturer, has announced a recommended all-cash offer to acquire Advanced Medical Solutions Group, in a move aimed at accelerating its expansion into high-growth medical markets.
“This transaction is a rare opportunity to advance the evolution of our portfolio.” said Celeste Mastin, President and CEO of HB Fuller.
“We have long been clear that medical is a core strategic growth market for H.B. Fuller given its durable demand trends, high regulatory-based entry barriers, and margin profile. Accordingly, we have thoroughly analyzed this structurally scarce market to identify the most attractive assets and growth opportunities."
The deal marks a major step in H.B. Fuller’s push into medical adhesives and biosurgical technologies, expanding its footprint across tissue bonding adhesives, medical tapes and dressings, and formulated biosurgicals. The company estimates the acquisition will lift its total addressable market by $15 billion, to approximately $95 billion.
Advanced Medical Solutions brings a specialist healthcare platform with established surgical adhesive technologies, a strong European commercial network, and a dedicated R&D team of more than 75 scientists. H.B. Fuller said the combined business will benefit from expanded cross-selling opportunities, enhanced U.S. market access, and stronger global distribution capabilities.
The companies also expect significant operational upside from integration. H.B. Fuller projects around $55 million in annual run-rate synergies by 2031, driven by cost savings, procurement efficiencies, and the elimination of public company expenses.
The acquisition is priced at £2.85 per share in cash, implying a total enterprise value of £715 million. It values Advanced Medical Solutions at 12.9x expected 2026 EBITDA on a pre-synergy basis, or below 8x once full synergies are realized.
The transaction is fully financed through committed funding, with H.B. Fuller targeting rapid deleveraging to 2.5x–3.0x leverage within two years after closing. Completion is expected by the end of the calendar year, subject to shareholder and regulatory approvals.
H.B. Fuller emphasized its track record of acquisitions, noting it has completed 11 deals since 2023 and significantly expanded EBITDA and margins over that period.
If completed, the deal will further reposition H.B. Fuller toward higher-growth, higher-margin healthcare markets as it continues its broader portfolio transformation strategy.
