WINSFORD: H.B. Fuller Company (NYSE: FUL) said Thursday it has agreed to acquire Advanced Medical Solutions Group PLC (AIM: AMS) for approximately £659 million ($827 million) in cash, expanding its presence in the medical adhesives market through a deal that creates a global platform combining surgical technologies with manufacturing scale.
The offer values each AMS share at 285 pence, representing a 34.8% premium to the company’s closing price of 212 pence on May 20, the last trading day before the offer period began. The transaction implies an enterprise value of approximately £715 million.
The acquisition will be implemented through a scheme of arrangement under Part 26 of the U.K. Companies Act 2006, subject to shareholder approval and regulatory clearances in Austria, Germany, the United Kingdom, the United States, France and Luxembourg.
“This transaction is a rare opportunity to advance the evolution of our portfolio,” said Celeste Mastin, CEO of H.B. Fuller. “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, the world’s largest pure-play adhesives provider, expects the deal to expand its total addressable market by $15 billion to $95 billion. The acquisition adds AMS’s portfolio of tissue adhesives, internal fixation devices, sealants and dressings, marketed under brands including LiquiBand, RESORBA and ActivHeal.
H.B. Fuller Chief Executive Celeste Mastin said the combined company would benefit from AMS’s pan-European salesforce and H.B. Fuller’s U.S. infrastructure, creating cross-selling opportunities and accelerating U.S. market penetration. AMS employs more than 1,800 people across 22 locations and sells into more than 100 countries.
The companies project approximately $55 million in annual run-rate synergies by 2031, including $20 million in commercial synergies and $35 million in cost savings from eliminating public company costs and rationalizing overlapping expenses. More than 50% of those synergies are expected by 2028.
H.B. Fuller said the acquisition would add about 100 basis points to consolidated EBITDA margins within 24 months and create a new global business unit accounting for approximately 10% of the combined company’s revenue and EBITDA.
Chris Meredith, CEO of AMS, said the deal reflects the strategic progress made during his 15-year tenure leading the company. “As part of the combined larger medical adhesives platform, AMS and H.B. Fuller will benefit from enhanced commercial, manufacturing and distribution capabilities, which should accelerate the delivery of our strategy and broaden our offering to patients in the U.S., Europe and beyond,” Meredith said.
AMS directors have unanimously recommended the offer, with directors holding approximately 0.34% of the company’s issued ordinary share capital having provided irrevocable undertakings to vote in favor. Evercore and Investec are providing independent financial advice to AMS on the transaction.
H.B. Fuller, founded in 1887 and headquartered in St. Paul, Minnesota, reported net revenue of approximately $3.5 billion for the fiscal year ended Nov. 30, 2025. The company employs approximately 7,100 people and operates 77 plants globally. AMS, established in 1991 and based in Winsford, England, is listed on London’s AIM market.
The transaction is expected to close by the end of calendar year 2026, subject to conditions. H.B. Fuller said it would establish a new reporting segment for the acquired business and expects to deleverage following the transaction, citing a track record of integrating 11 acquisitions since 2023.
About H.B. Fuller: H.B. Fuller is a global adhesives provider, formulating, manufacturing and marketing adhesives, sealants and specialty products across aerospace, packaging, hygiene, electronics, construction, transportation and healthcare end markets.
About AMS: Advanced Medical Solutions Group is a developer and manufacturer of tissue-healing technology, including tissue adhesives, internal fixation devices, sealants, dressings and formulated biosurgicals.
