H.B. Fuller Specialty Adhesive Carveout Valuation & Deal Workbench

Headline Enterprise Value $1,200M Ancora Offer Purchase Price

Standalone EBITDA $185.0M Margin: 10.28% post dis-synergies

Implied EV / EBITDA 6.49x Based on net standalone earnings

Sponsor Equity Req. $480.0M Debt Funded: $720M (60%)

Deal Inputs

M&A Core Variables

Headline Offer ($M) $1,200M

USD Millions

Unit Revenue ($M) $1,800M

USD Millions

Base EBITDA Margin (%) 12.5%

Percent

Carveout Adjustments

Standup Overheads

Dis-synergies / Standup ($M) $25M

USD Millions

TSA Overhead ($M/yr) $15M

USD Millions

Capital Structure

LBO Financing

Debt Financing (%) 60%

Percent EV

Debt Interest Rate (%) 7.5%

Percent P.A.

Valuation & Earnings Bridge ($ Millions)

Dynamic D3 Waterfall

Sources & Uses Breakdown

Headline Purchase Price: $1,200.0M

Debt Financing Total: $720.0M

Sponsor Equity Check: $480.0M

Equity / Debt Ratio: 40.0% / 60.0%

Debt Service & Coverage

Annual Interest Expense: $54.0M

EBITDA Interest Coverage: 3.43x

Debt / Standalone EBITDA: 3.89x

Est. 5Yr Exit Equity IRR (1.2x Exit): 18.4%

Valuation Sensitivity Matrix: Implied EV/EBITDA Multiples

Bid Price vs EBITDA Margin

Cross-tabulation of implied Enterprise Multiple based on standalone EBITDA after deducting $25M dis-synergies and $15M TSA costs.

Bid Price \ Margin

✓ Transacted Deal Summary & Model Verification Proof

The valuation bridge and PE return metrics update in real time. Below is the populated canonical deal snapshot ready for transaction analysis or JSON export.