Investcorp sells Icopal in €1bn deal

Published:  26 January, 2016

Investcorp, a global provider and manager of alternative investment products, has sold Icopal to GAF, a roofing manufacturer in North America, for approximately €1bn.

Since Investcorp’s acquisition in 2007, Icopal has been transformed into a multi-material provider of roofing and waterproofing solutions and services.

The combination with GAF will create the world’s pre-eminent roofing and waterproofing company with 65 manufacturing facilities worldwide, 6,500 employees, and an annual combined turnover of nearly $4bn across more than 80 countries.

Miguel Kohlmann, chief executive officer of Icopal, said: “GAF’s long tradition of innovation, commitment to top quality and customer focus will complement Icopal’s strengths and values. Our customers will benefit from enhanced scale, greater breadth of products and services, improved product innovation and an unparalleled global distribution network. Our employees will be able to enjoy the additional opportunities that come with working in an exciting business, which is becoming truly global. I would like to thank Investcorp for the tremendous support it has provided to Icopal during its transformation into a leading multi-material provider of waterproofing solutions. We are very positive about the opportunities that lie ahead of us.”

Bob Tafaro, president and chief executive officer of GAF, added: “We have tremendous respect for Icopal’s talented management team, and we welcome all of the company’s employees to the GAF family. It is an established European leader with a strong business mix and a well-deserved reputation for the superb quality of its products, operations and people. We are also encouraged by the European business’s growth in synthetic and liquid products and by the strategic vision of the Icopal team for those businesses. With its unparalleled reach across countries, distributors, contractors and building owners, Icopal is ideally positioned to capitalise on the opportunities created by technological shifts – and GAF will be there to share its expertise and its resources.”

Daniel Lopez-Cruz, managing director in Investcorp’s European corporate investment team, concluded: "Icopal’s strong operating performance, despite challenging market conditions, is a testament to the leadership position it holds in most of its core markets, a widely diversified business footprint both across geographies and product technologies, and the experience and commitment of its management team. We are delighted that GAF has recognised Icopal’s strengths and have no doubt that GAF will provide Icopal with the perfect platform to continue its strategic ambitions and growth.”

The acquisition is subject to regulatory approvals and is expected to close in Q2 2016.

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