H.B. Fuller Company (FUL) Acquisition presentation summary

Strategic rationale and market positioning

• Acquisition establishes a global, innovation-led medical platform, advancing toward a $100M EBITDA target and shifting the portfolio toward higher-growth, higher-margin medical markets.

• Medical end markets offer durable tailwinds, including aging populations, minimally invasive procedures, and recurring, non-discretionary demand with attractive margins exceeding 30% EBITDA at scale.

• The combined portfolio expands total addressable market to ~$95B, reinforcing leadership in surgical adhesives and biosurgicals, and deepening OEM-facing capabilities.

Transaction details and financial impact

• All-cash offer of £2.85 per share values the acquisition at an enterprise value of £715M, with a 2026E adjusted EBITDA multiple of 12.9x pre-synergy and under 8x post-synergy.

• Fully financed through committed debt, with expected net leverage of ~4.0x at close and a target of 2.5x–3.0x within two years, supported by strong cash flow and synergy realization.

• Transaction unanimously approved by the board, pending AMS shareholder and regulatory approvals, with closing expected by year-end.

Synergies and integration

• Identified run-rate synergies of ~$55M, with 40% from cost, 34% from commercial, and 26% from in-flight initiatives, including vertical integration and expanded sales channels.

• Integration plan includes dedicated teams for both AMS and H.B. Fuller, with parallel execution and no operational overlap, targeting on-time delivery of restructuring and synergy capture.

• Proven M&A integration track record, with recent acquisitions delivering significant EBITDA and margin improvements.