H.B. Fuller agreed on 25 June to buy Advanced Medical Solutions, the AIM-listed maker of tissue adhesives and wound care products, for 285p a share in cash, valuing it at about £659m.
Why H.B. Fuller Company is buying Advanced Medical Solutions Group plc
H.B. Fuller, the world's largest pure-play adhesives company, called medical a core growth market with durable demand, high regulatory barriers and attractive margins. It said AMS would lift its addressable market by $15bn to $95bn, bring a pan-European salesforce and more than 75 R&D staff, and gain from H.B. Fuller's US infrastructure.
“This transaction is a rare opportunity to advance the evolution of our portfolio.”
Deal terms and financing
The 285p price is a 34.8% premium to the undisturbed close of 212p on 20 May and a 38.7% premium to the three-month volume-weighted average. It implies 12.9 times consensus 2026 EBITDA before synergies. The deal is fully financed with committed debt, and H.B. Fuller aims to cut leverage to 2.5-3 times within two years.
Regulatory approvals and timing
The acquisition is being implemented by a scheme of arrangement and requires AMS shareholder approval and regulatory clearances; H.B. Fuller expected completion by the end of the calendar year.
Market context
AMS has manufacturing sites in the UK, Germany, France, the Netherlands, Thailand and India. It disclosed a possible offer on 21 May. The business will form a new H.B. Fuller reporting unit accounting for about 10% of group revenue and EBITDA.
