02.01.22
H.B. Fuller Company announced that it has finalized its purchase of Apollo, the UK’s largest independent manufacturer of liquid adhesives, coatings and primers for the roofing, industrial and construction markets.
Based in Tamworth, UK, Apollo is projected to have 2022 revenue of approximately £42 million and EBITDA of approximately £11 million. Apollo will operate within H.B. Fuller’s existing Construction Adhesives and Engineering Adhesives business units, and is expected to enhance H.B. Fuller’s position in key high-value, high-margin markets in the UK and Europe.
Apollo manufactures and sells a diverse range of commercial roofing, construction and adhesives solutions. Apollo complements H.B. Fuller’s Construction Adhesives businesses in Europe and its recent addition in early January 2022 of Fourny nv in Belgium, which had 2021 sales of €8 million and EBITDA of €2.1 million.
The addition of this business will expand the company’s share in key construction markets in the UK and across Europe and enable global expansion of its leading position in the roofing industry.
Apollo’s roofing technology includes a range of insulation and membrane adhesives, and roof and waterproofing primers. The construction solutions business supplies liquid adhesive, sealants, and resin to construction markets, which are used to bond or repair building materials in homes, on construction sites and in factories, replacing traditional adhesives, such as cements, wood glues, or traditional fasteners.
Total purchase price for the two acquisitions was $211 million, a multiple of 12.3X EBITDA before synergies.
“With these acquisitions, we have added deep market knowledge, strong customer relationships and a local manufacturing footprint, which will enable H.B. Fuller to capitalize on access to regional capabilities in the UK and core Europe and to fully leverage our CA technology portfolio much more effectively,” said Jim Owens, H.B. Fuller president and CEO.
“Apollo’s highly specified commercial roofing, construction and high-performance industrial adhesives will drive new growth opportunities in our construction and transportation adhesives businesses in the UK and across EIMEA,” Owens said. “Fourny’s position as a leader in the commercial roofing business will accelerate our growth in the region and allow localization of products imported from the United States.”
Apollo adds complementary solutions that align with H.B. Fuller’s existing strategic business units. More than 80% of H.B. Fuller’s current sales in its Construction Adhesives business are in North America. Substantial opportunity exists to grow sales in the UK and Europe through the addition of Apollo and Fourny.
Based in Tamworth, UK, Apollo is projected to have 2022 revenue of approximately £42 million and EBITDA of approximately £11 million. Apollo will operate within H.B. Fuller’s existing Construction Adhesives and Engineering Adhesives business units, and is expected to enhance H.B. Fuller’s position in key high-value, high-margin markets in the UK and Europe.
Apollo manufactures and sells a diverse range of commercial roofing, construction and adhesives solutions. Apollo complements H.B. Fuller’s Construction Adhesives businesses in Europe and its recent addition in early January 2022 of Fourny nv in Belgium, which had 2021 sales of €8 million and EBITDA of €2.1 million.
The addition of this business will expand the company’s share in key construction markets in the UK and across Europe and enable global expansion of its leading position in the roofing industry.
Apollo’s roofing technology includes a range of insulation and membrane adhesives, and roof and waterproofing primers. The construction solutions business supplies liquid adhesive, sealants, and resin to construction markets, which are used to bond or repair building materials in homes, on construction sites and in factories, replacing traditional adhesives, such as cements, wood glues, or traditional fasteners.
Total purchase price for the two acquisitions was $211 million, a multiple of 12.3X EBITDA before synergies.
“With these acquisitions, we have added deep market knowledge, strong customer relationships and a local manufacturing footprint, which will enable H.B. Fuller to capitalize on access to regional capabilities in the UK and core Europe and to fully leverage our CA technology portfolio much more effectively,” said Jim Owens, H.B. Fuller president and CEO.
“Apollo’s highly specified commercial roofing, construction and high-performance industrial adhesives will drive new growth opportunities in our construction and transportation adhesives businesses in the UK and across EIMEA,” Owens said. “Fourny’s position as a leader in the commercial roofing business will accelerate our growth in the region and allow localization of products imported from the United States.”
Apollo adds complementary solutions that align with H.B. Fuller’s existing strategic business units. More than 80% of H.B. Fuller’s current sales in its Construction Adhesives business are in North America. Substantial opportunity exists to grow sales in the UK and Europe through the addition of Apollo and Fourny.
