H.B. Fuller Agrees £715 Million Takeover of Advanced Medical Solutions

H.B. Fuller, the Minnesota-based adhesives company, has made a recommended cash offer to acquire Advanced Medical Solutions Group (AMS), a UK maker of surgical adhesives and wound care products, the company said on June 25 in a release distributed by Business Wire, read via City AM.

Each eligible AMS shareholder will receive £2.85 per share in cash, which H.B. Fuller said implies a total enterprise value of £715 million. The offer values AMS's equity at £659 million, as reported by Alliance News, read via AJ Bell. H.B. Fuller said the price represents a pre-synergy multiple of 12.9 times consensus forecast 2026 AMS EBITDA.

All AMS directors, who hold 0.3% of its shares, recommend accepting the offer, Alliance News reported. AMS chair Grahame Cook said the deal "delivers attractive and certain value in cash to AMS shareholders," according to the report. AMS shares rose 16% to 278.61p early on Thursday in London after the announcement.

A push into medical adhesives

"This transaction is a rare opportunity to advance the evolution of our portfolio," said Celeste Mastin, H.B. Fuller's president and CEO. "We have long been clear that medical is a core strategic growth market for H.B. Fuller given its durable demand trends, high regulatory-based entry barriers, and margin profile."

H.B. Fuller said AMS will extend its capabilities across tissue bonding adhesives, tapes and dressings, and formulated biosurgicals, raising its total addressable market by $15 billion to $95 billion. AMS has an R&D team of more than 75 people and manufacturing in the UK, Germany, France, the Netherlands, Thailand and India, which will be combined with H.B. Fuller's medical facilities in the U.S. and Italy, the company said.

AMS is expected to add about $300 million to H.B. Fuller's annual revenue. The acquirer said it expects about $55 million, or about £41 million, in combined run-rate revenue and cost synergies by 2031, and that the deal will create a new global business unit accounting for about 10% of the combined company's revenue and EBITDA. H.B. Fuller reported 2025 revenue of $3.5 billion.

Financing and timing

The transaction will be fully financed through committed financing, and H.B. Fuller said it expects to bring leverage back to its target of 2.5 to 3 times within two years of completion. The deal is subject to AMS shareholder approval, customary closing conditions and regulatory approvals, and is expected to close by the end of the calendar year.

H.B. Fuller's approach to AMS at the end of April was first publicly confirmed in May, and AMS had agreed the previous week to extend H.B. Fuller's deadline to make a firm offer to July 2, Alliance News reported. Private equity firm TA Associates, which had approached AMS about a possible deal in April, said in May that it did not intend to make an offer, according to the report.

Perella Weinberg Partners and Goldman Sachs are financial advisers to H.B. Fuller.