H.B. Fuller Acquires Medifill Ltd.; Signs Provisional Agreement to Acquire GEM S.r.l.
H.B. Fuller Company (NYSE: FUL) announces agreements to acquire two medical adhesive technology companies: GEM S.r.l. and Medifill . Medifill, an Irish company, produces medical-grade cyanoacrylate adhesives for wound closure, while GEM, an Italian manufacturer, provides medical adhesives approved for over 80 internal indications. The combined companies are expected to generate €23 million in net revenue and €11.5 million in adjusted EBITDA in 2024. The acquisitions, valued at €180 million, will operate within Fuller's Hygiene, Health & Consumable Adhesives unit, with GEM's acquisition expected to close in February 2025.
H.B. Fuller Company (NYSE: FUL) annuncia accordi per acquisire due aziende specializzate in tecnologie adesive mediche: GEM S.r.l. e Medifill. Medifill, un'azienda irlandese, produce adesivi cianoacrilati di grado medico per la chiusura delle ferite, mentre GEM, un produttore italiano, fornisce adesivi medici approvati per oltre 80 indicazioni interne. Si prevede che le aziende combinate genereranno 23 milioni di euro di ricavi netti e 11,5 milioni di euro di EBITDA rettificato nel 2024. Le acquisizioni, valutate 180 milioni di euro, opereranno all'interno dell'unità Adesivi per Igiene, Salute e Consumo di Fuller, con l'acquisizione di GEM che si prevede si chiuderà a febbraio 2025.
H.B. Fuller Company (NYSE: FUL) anuncia acuerdos para adquirir dos empresas de tecnología de adhesivos médicos: GEM S.r.l. y Medifill. Medifill, una empresa irlandesa, produce adhesivos de cianoacrilato de grado médico para el cierre de heridas, mientras que GEM, un fabricante italiano, ofrece adhesivos médicos aprobados para más de 80 indicaciones internas. Se espera que las empresas combinadas generen 23 millones de euros en ingresos netos y 11,5 millones de euros en EBITDA ajustado en 2024. Las adquisiciones, valoradas en 180 millones de euros, operarán dentro de la unidad de Adhesivos para Higiene, Salud y Consumo de Fuller, con la adquisición de GEM que se espera se complete en febrero de 2025.
H.B. Fuller Company (NYSE: FUL)는 두 개의 의료 접착 기술 회사인 GEM S.r.l.과 Medifill를 인수하기 위한 계약을 발표했습니다. 아일랜드 회사인 Medifill은 상처 봉합용 의료급 시아노아크릴레이트 접착제를 생산하고, 이탈리아 제조업체인 GEM은 80개 이상의 내부 적응증에 대해 승인된 의료 접착제를 제공합니다. 두 회사가 결합되어 2024년에는 2300만 유로의 순 매출과 1150만 유로의 조정 EBITDA를 생성할 것으로 예상됩니다. 1억 8000만 유로로 평가된 이번 인수는 Fuller's Hygiene, Health & Consumable Adhesives 부서 내에서 운영되며, GEM의 인수는 2025년 2월에 완료될 것으로 예상됩니다.
H.B. Fuller Company (NYSE: FUL) annonce des accords pour acquérir deux entreprises de technologie d'adhésifs médicaux : GEM S.r.l. et Medifill. Medifill, une entreprise irlandaise, fabrique des adhésifs à base de cyanoacrylate de qualité médicale pour la fermeture des blessures, tandis que GEM, un fabricant italien, fournit des adhésifs médicaux approuvés pour plus de 80 indications internes. Les entreprises combinées devraient générer 23 millions d'euros de revenus nets et 11,5 millions d'euros d'EBITDA ajusté en 2024. Les acquisitions, évaluées à 180 millions d'euros, fonctionneront au sein de l'unité Adhésifs pour l'Hygiène, la Santé et les Consommables de Fuller, l'acquisition de GEM devant être finalisée en février 2025.
H.B. Fuller Company (NYSE: FUL) gibt bekannt, dass Vereinbarungen zum Erwerb von zwei Unternehmen für medizinische Klebetechnologien getroffen wurden: GEM S.r.l. und Medifill. Medifill, ein irisches Unternehmen, stellt medizinische cianoacrylatbasierte Klebstoffe zur Wundverschluss her, während GEM, ein italienischer Hersteller, medizinische Klebstoffe anbietet, die für über 80 interne Indikationen zugelassen sind. Die kombinierten Unternehmen werden voraussichtlich im Jahr 2024 einen Nettoumsatz von 23 Millionen Euro und ein bereinigtes EBITDA von 11,5 Millionen Euro erzielen. Die für 180 Millionen Euro bewerteten Übernahmen werden innerhalb der Hygiene-, Gesundheits- und Verbrauchsklebstoffeinheit von Fuller betrieben, wobei der Erwerb von GEM voraussichtlich im Februar 2025 abgeschlossen wird.
- Expected combined revenue of €23 million and adjusted EBITDA of €11.5 million in 2024
- Expansion into higher-growth, highly profitable medical adhesives market
- Establishment of European headquarters for Medical Adhesive Technologies business
- Post-synergy EBITDA multiple improvement from 15.5X to 9.5X
- High initial pre-synergy EBITDA multiple of 15.5X
- Significant capital outlay of €180 million for acquisitions
Insights
This strategic acquisition marks a significant expansion in H.B. Fuller's medical adhesives portfolio. The combined purchase price of
The post-synergy EBITDA multiple of 9.5X appears attractive compared to industry standards, suggesting potential value creation through operational synergies. The integration into H.B. Fuller's HHC business unit should strengthen their market position and drive profitable growth in the medical adhesives segment, which typically commands higher margins than traditional adhesive products.
The acquisition of GEM and Medifill significantly enhances H.B. Fuller's medical technology capabilities. GEM's portfolio of over 80 internal medical adhesive applications and Medifill's advanced cyanoacrylate formulations for wound closure represent cutting-edge alternatives to traditional medical solutions. The clean room manufacturing capabilities and specialized formulation expertise are particularly valuable assets in the highly regulated medical device market.
This strategic move builds upon previous acquisitions like Cyberbond, Tissue Seal and Adhezion Biomedical, creating a comprehensive medical adhesives platform. The establishment of a European headquarters for Medical Adhesive Technologies indicates a serious commitment to expanding in this high-growth, high-margin segment.
Acquisitions expand company’s existing leadership in Medical Adhesive Technologies market segment
Medifill Ltd. is an Irish formulator and producer of medical-grade cyanoacrylate adhesives with a state-of-the-art clean room and manufacturing capabilities. Medifill produces advanced technology that is specifically tailored for the wound closure market. The next-generation formulations enable fast, safe, and effective wound closure.
GEM S.r.l. is an Italian manufacturer and market leading provider of medical adhesives and innovative application devices approved and certified for over 80 internal indications. The acquisition establishes a European headquarters for H.B. Fuller’s Medical Adhesive Technologies (MAT) business and expands the company’s medical adhesive offerings, further shifting its portfolio toward highly profitable, higher growth markets.
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.
“Tissue adhesives designed for internal use offer innovative alternatives to traditional sutures, staples and embolizing agents,” says H.B. Fuller President and CEO Celeste Mastin. “With the purchase of GEM, Medifill, and our previous acquisitions in this space, H.B. Fuller has now built a Medical Adhesive Technologies business founded on our expertise in cyanoacrylate chemistry, and we have extended our penetration into a global footprint.”
When combined, the two companies are expected to generate 2024 net revenue and adjusted EBITDA of
Subject to customary closing conditions and regulatory approvals, the GEM acquisition is expected to close in February 2025.
About H.B. Fuller Company
As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2023 revenue of
About GEM
GEM S.r.l. is an Italian manufacturer and distributor of medical devices, including both Glubran 2 and Glubran Tiss 2, as well as their application devices, in more than 40 countries worldwide. Founded in 1994, GEM is a research-based company, with a key focus on the development of innovative medical devices. For more information, visit https://www.gemitaly.it/en/.
About Medifill
Medifill Ltd. is a medical device manufacturer based in
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Sarah Neunsinger
Global Communications
sarah.neunsinger@hbfuller.com
+1 651-242-0280
Regulatory/Legal: HBF.Legal@hbfuller.com
Source: H.B. Fuller Company
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