H.B. Fuller (FUL) Company announced that it has signed agreements to acquire two medical adhesive technology companies: GEM S.r.l. and Medifill Ltd. Medifill Ltd. is an Irish formulator and producer of medical-grade cyanoacrylate adhesives and GEM S.r.l. is an Italian manufacturer and provider of medical adhesives and application devices. When combined, the two companies are expected to generate 2024 net revenue and adjusted EBITDA of EUR 23M and EUR 11.5M, respectively. The two companies will operate within H.B. Fuller’s Hygiene, Health & Consumable Adhesives Global Business Unit. 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 EUR 180M. Subject to customary closing conditions and regulatory approvals, the GEM acquisition is expected to close in February 2025.
