H.B. Fuller strengthens medical technology portfolio with Medifill acquisition and sells flooring business
H.B. Fuller announces a strategic shift: the acquisition of Medifill and GEM expands its medical technology portfolio, while the company divests its flooring business and reorganizes its construction adhesives division.
H.B. Fuller has acquired Medifill, an Irish manufacturer of medical-grade cyanoacrylate adhesives, and GEM, an Italian leader in medical adhesives and application systems, for a total purchase price of EUR 180 million.
Combined, the two companies are expected to generate EUR 23 million in revenue and EUR 11.5 million in adjusted EBITDA in 2024. The acquisitions were completed at an EBITDA multiple of 15.5x pre-synergies and 9.5x post-synergies within three years.
The acquisitions enhance H.B. Fuller’s market presence in the medical adhesives space, offering innovative alternatives to traditional solutions like sutures or staples. Both companies will be integrated into the Hygiene, Health & Consumable Adhesives (HHC) business unit.
Sale of flooring business and construction adhesives realignment
In parallel, H.B. Fuller has sold its flooring business to Pacific Avenue Capital Partners for approximately EUR 74 million. The divestiture is expected to reduce annual revenue by EUR 147 million and adjusted EBITDA by EUR 13.8 million.
As part of its restructuring, H.B. Fuller has established a new Building Adhesive Solutions (BAS) business unit. BAS combines the Insulated Glass, Woodworking, and Composite segments with the Roofing, Building Envelope, and Infrastructure segments. With an anticipated annual revenue of EUR 784 million in 2024, BAS will target growth in high-potential markets like architecture and infrastructure.
