H.B. Fuller Company, one of the largest adhesives companies in the world, announced that it has signed agreements to acquire two medical adhesive technology companies: GEM S.r.l. and Medifill Ltd.
Medifill is an Irish formulator and producer of medical-grade cyanoacrylate adhesives with a clean room and manufacturing capabilities. Medifill produces technology that is specifically tailored for the wound closure market. The formulations enable fast, safe, and effective wound closure.
GEM S.r.l. is an Italian manufacturer and provider of medical adhesives and application devices approved and certified for more than 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 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.
When combined, the two companies are expected to generate 2024 net revenue and adjusted EBITDA of €23 million and €11.5 million, respectively. The two companies will operate within H.B. Fuller’s Hygiene, Health & Consumable (HHC) Adhesives Global Business Unit (GBU). 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 €180 million.
Subject to customary closing conditions and regulatory approvals, the GEM acquisition is expected to close in February 2025.
