Investcorp sells Icopal to GAF

25 Jan 2016

Investcorp, a global provider and manager of alternative investment products, today announces it has agreed the sale of Icopal to GAF, North America’s largest roofing manufacturer, for an enterprise value of approximately €1 billion, subject to regulatory approvals.

Icopal is widely recognized in Europe as the leader in modified bitumen membranes and has a significant and growing presence in synthetic and liquid roofing products. The Company operates 36 manufacturing facilities in Europe and North America and distributes its products worldwide through 88 sales offices.

Investcorp acquired Icopal in 2007 and since then the Company has become a true multi-material provider of roofing and waterproofing solutions and services, with leading expertise in bitumen, synthetics, liquids and metal technologies. During its period of ownership, Investcorp supported Icopal’s transformation and growth with several strategic add-on acquisitions and brownfield investments in Western and Eastern Europe, strengthening the Company’s reach and operational capabilities.

Daniel Lopez-Cruz, Managing Director in Investcorp’s Corporate Investment team in London, said:  “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 believe that GAF will provide Icopal with the perfect platform to continue its strategic ambitions and growth.”

Miguel Kohlmann, CEO 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.”

Investcorp was advised by Lazard & Co., Limited and Jefferies International Limited on the transaction.