An adhesive firm celebrating a half century of business this year has been acquired by a US giant.
Apollo, which is headquartered in Tamworth, supplies adhesives, liquid coatings, sealants and primers to the roofing, industrial and construction markets.
It has now been bought out by Minnesota-based HB Fuller which is listed on the New Year Stock Exchange and posted turnover of around £2.6 billion in 2021.
HB Fuller was founded in the late 1880s and manufactures and supplies industrial adhesives worldwide.
Terms of this deal were not disclosed but HB Fuller said it had collectively paid around £157 million for Apollo and Fourny in Belgium which it acquired a few weeks ago. The new ownership has taken effect immediately.
Previous owner of Apollo Jonathan Saunders said: "Strategically, the new ownership opens many opportunities for Apollo employees and customers.
"The current management structure will remain, as will the entire employee base, which was crucial in my decision to sell the business."
Managing director Ian Cornelius added: "The change in ownership will enable Apollo to grow and prosper under a larger and well-respected organisation.
"In particular, it will allow us to continue to expand operations within the EU (and) provide additional resources, technology and expertise, meaning that we can further enhance and expand our service and product offering to our customers."
HB Fuller's chief executive Jim Owens said: "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 Europe, India, the Middle East and Africa."
Andy Moore, managing director of Birmingham-based Bracebridge Corporate Finance which advised on the sale, said: "We are delighted with the outcome for the shareholders of Apollo and to have found the right home for the business.
"We look forward to seeing Apollo go from strength to strength under HB Fuller's ownership."
Eversheds Sutherland provided legal advice to the sellers.
