HB Fuller, the world’s largest pureplay adhesives company, has launched a £659m HB Fuller AMS takeover bid for AIM-listed Advanced Medical Solutions, handing London’s junior market another high-profile departure. The Minnesota-based group, which trades on the NYSE under the ticker FUL, is offering 285p per share in cash, a 35% premium to AMS’s closing price of 212p on 20 May, the last business day before the offer period began.
AMS’s board has recommended the offer to shareholders. The deal will result in AMS delisting from AIM on completion.
HB Fuller AMS Takeover: Strategic Rationale
HB Fuller said the acquisition would expand its total addressable market potential by $15bn to $95bn. The combined group will establish a standalone global “Medical Adhesive Technologies” business unit, which HB Fuller said would account for around 10% of combined revenue and earnings.
Medical Device Network reported the deal is expected to generate around $300m in additional annual revenue for HB Fuller. The US firm also said it intends to leverage AMS’s European salesforce and regulatory expertise to deepen its foothold in the medical market.
HB Fuller is funding the acquisition through a short-term borrowing arrangement pending permanent financing. Once completed, the combined entity’s total debt will stand at four times its annual earnings.
AMS’s Financial Performance
The target has been growing rapidly. AMS reported adjusted EBITDA of £49.9 million for the year ended 31 December 2025, up 24% from £40.2 million the prior year, according to AMS’s preliminary results. Reported profit before tax rose 81% to £17.8 million, from £9.8 million previously.
Revenue reached £229m in the same period, a 29% rise from £177.5m in 2024. That growth was driven primarily by AMS’s acquisition of Peters Surgical, a France-based medical devices distributor and manufacturer acquired in July 2024 for a maximum cash consideration of €141.4 million.
AMS’s Global LiquiBand revenues increased 10% to £47.8 million in the year ended 31 December 2025, with the company reporting strong performances in the US and Rest of the World markets. AMS paid a final dividend of 2.86p per share, a 10% increase on 2024.
Private Equity Interest Preceded the Offer
The HB Fuller AMS takeover follows earlier buyout interest in AMS. London-based mid-market firm Montagu Private Equity and US growth equity firm TA Associates had separately held preliminary discussions with the company before HB Fuller tabled its proposal, according to reports.
Under Rule 2.6(a) of the UK City Code on Takeovers and Mergers, HB Fuller was required to announce a firm intention to make an offer, or walk away, by no later than 5:00 p.m. on 18 June 2026, per an AMS regulatory notice.
AIM Loses Another Name to Overseas Buyers
The deal adds to a run of foreign firms acquiring UK-listed companies. Prologis made an unsolicited £12.6bn bid for FTSE 100 real estate group Segro, which Segro rejected, while Ingredion acquired Tate and Lyle for £2.7bn. Beazley and Schroders have also attracted overseas buyers.
The City raised concerns earlier this year after a series of unsolicited offers pushed the combined value of companies set to exit UK markets to £43bn.
For HB Fuller, the deadline to firm up or withdraw its offer has passed, locking in one of the more consequential bets it has made on building out a dedicated medical division. Whether AMS’s European regulatory infrastructure delivers the market penetration HB Fuller has signalled will determine how quickly that $95bn addressable market estimate translates into revenue.
