H.B. Fuller Company, a pure-play adhesives company, has announced agreements to acquire GEM S.r.l. and Medifill Ltd., two leading innovators in medical adhesive technologies.
The acquisitions strengthen H.B. Fuller Company Medical Adhesive Technologies (MAT) business and expand its global footprint.
Medifill: Pioneering Wound Closure Solutions
Medifill Ltd., based in Ireland, specializes in medical-grade cyanoacrylate adhesives with advanced cleanroom manufacturing capabilities.
Known for next-generation formulations, Medifill focuses on fast, safe, and effective wound closure solutions tailored to the healthcare market.
GEM: Expanding European Operations
GEM S.r.l., headquartered in Italy, is a prominent manufacturer of medical adhesives and application devices, offering certified solutions for over 80 internal medical applications.
The acquisition establishes a European hub for H.B. Fuller’s MAT business and enhances its portfolio with high-growth, high-profitability medical adhesive products.
Building on a Legacy of Strategic Investments
As per the press release, H.B. Fuller has built on its previous investments in the tissue adhesives market.
These include the acquisitions of Cyberbond in 2016, Tissue Seal in 2021, and Adhezion Biomedical in 2023.
The new partnerships further position the company as a leader in innovative tissue adhesive solutions.
Advancing Alternatives to Traditional Closure Methods
“Tissue adhesives designed for internal use provide advanced alternatives to traditional sutures, staples, and embolizing agents,” said H.B. Fuller President and CEO Celeste Mastin.
Mastin added, “The acquisitions of GEM and Medifill, along with our prior investments, solidify our expertise in cyanoacrylate chemistry. These developments also expand our global presence in the medical adhesives market.”
Financial Impact of Acquisitions
GEM and Medifill are expected to generate €23 million in net revenue and €11.5 million in adjusted EBITDA in 2024.
The acquisitions will operate within H.B. Fuller’s Hygiene, Health and Consumable Adhesives Global Business Unit.
The deal will be completed at a pre-synergy EBITDA multiple of 15.5X.
After three years, the post-synergy multiple is expected to reduce to 9.5X. This projection is based on a combined purchase price of €180 million.
Timeline for Completion
H.B. Fuller plans to close the GEM acquisition in February 2025, pending regulatory approvals and customary conditions.
