We are pleased to announce that Investcorp, a global provider and manager of alternative investment products, has agreed to the sale of Icopal to GAF, North America’s largest roofing manufacturer, for an enterprise value of approximately €1 billion.
Since Investcorp’s acquisition in 2007, Icopal has been transformed into a true multi-material provider of roofing and waterproofing solutions and services. 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 also provides products and solutions for the residential roofing, building membranes, below ground waterproofing and civil engineering markets.
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 $4 billion across more than 80 countries.
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.”
Bob Tafaro, President and CEO of GAF, said: “We have tremendous respect for Icopal’s talented management team, and we welcome all of Icopal’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 uniquely 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, 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 have no doubt that GAF will provide Icopal with the perfect platform to continue its strategic ambitions and growth.”
David Millstone and David Winter, co-Chief Executive Officers at Standard Industries, GAF’s parent company, and Chief Investment Officers of 40 North Management, a privately-held investment affiliate, said: “We are proud to combine Icopal and GAF, two leaders in their respective markets for over 100 years that share a culture of meritocracy, quality and customer service, and a passionate focus on developing their people. We look forward to leveraging our most innovative ideas for the benefit of our customers. The enhanced scale and financial strength of our combined company positions us to lead the roofing industry on both sides of the Atlantic and beyond. This is a transformative first step for our company in its vision to be a leading global industrial manufacturer.”
The acquisition is subject only to regulatory approvals and expected to close in Q2 2016.
Investcorp was advised by Lazard & Co., Limited and Jefferies International Limited on the transaction.
Icopal is a leading supplier of roofing and waterproofing solutions and services and operates 36 manufacturing facilities in Europe and North America. Icopal’s products are distributed worldwide through 88 sales offices. Icopal has sales of around €1 billion and employs approximately 3,500 people.
Founded in 1886, GAF is the largest roofing manufacturer in North America, with approximately 3,000 employees and 29 manufacturing plants. The company’s products include a comprehensive portfolio of steep-slope and commercial roofing systems, which are supported by an extensive network of factory-certified contractors. For more information about GAF, visit www.gaf.com.
Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in London, Bahrain, New York, Saudi Arabia, Abu Dhabi and Doha. Investcorp has three business areas: corporate investment, real estate investment and global hedge funds. As at June 30, 2015, the Investcorp Group had $10.6 billion in total assets under management (‘AUM’), including assets managed by third party managers where Investcorp receives fees calculated on the basis of AUM. Further information, including our most recent periodic financial statements, which details our assets under management, is available at www.investcorp.com.
Firas El Amine
+44 20 3727 1233
Legal mentionThe website www.siplast-international.com is owned by the Icopal company, a French SAS company with a capital of € 5,729,600 registered in the Paris Trade and Companies Register under the reference RCS Nanterre B 552 100 984. Website hosting and maintenance: Siplast-Icopal. Nothing on this website should be construed as constituting an offer, or the solicitation of any offer, to buy, sale or invest in any quoted or non-quoted securities issued by Siplast-Icopal or its subsidiaries. All products, processes and programs presented on the website www.siplast-international.com are not necessarily available in all countries. Consequently, the user of this website agrees to exercise his own responsibility when using this information. Siplast-Icopal is bound only by a best-endeavours obligation concerning the information it makes available to visitors to its website www.siplast-international.com. While every effort has been made to ensure the reliability of the information contained on this website, Siplast-Icopal accordingly accepts no liability for any errors, omissions or outcomes that may result from using this information. In particular, hypertext links on our site may lead users to information contained on other servers, over which Siplast-Icopal has no control. The website www.siplast-international.com is normally accessible 24 hours a day and 7 days a week. In case of circumstances outside Siplast-Icopal's control, such as, but not limited to difficulties associated with information systems, difficulties associated with telecommunications networks, other technical issues, or for maintenance X , Siplast-Icopal may decide to suspend or interrupt access to all or part of the site. The website can be modified without prior notice.
Intellectual Property rightsSiplast-Icopal is the owner of all right, title and interest in the name of Siplast-Icopal. You are prohibited from using the name of Siplast or Icopal or any of its IP types without the positive authorization of Siplast-Icopal. This site and its content are protected according to the intellectual property code, particularly with regard to branding, copyrights, drawings and patterns. Under the French Intellectual Property Code and, more generally, international treaties and agreements containing provisions on the protection of copyright, you are prohibited from reproducing (other than for your private use), selling, distributing, issuing, broadcasting, adapting, modifying, publishing, communicating in full or in part in any form the data, presentation or organization of the site, or the works protected by copyright shown on the Siplast-Icopal website www.siplast-international.com without the specific prior written consent of the holder of the copyright attaching to the work, the presentation or organization of the site, or the data reproduced. You are also prohibited from introducing data by whatever means to the Siplast-Icopal website www.siplast-international.com that would modify or be likely to modify the content or appearance of the data, the presentation or organization of the site, or the works featured on the Siplast-Icopal website.
Personal dataSiplast-Icopal uses the mailing list of the www.siplast-international.com website to collect data regarding visitors to the site. This data allows us to respond to your requests for information. Personal information collected in this way is restricted to basic contact information (last name, first name, company name and address, e-mail address, telephone and fax numbers). You may send e-mails to the addresses shown on the website. Each message will contain your e-mail address and any additional information that you wish to include in the message. Tracking techniques may be used on our website as a means of enhancing your navigational experience. You have a right to access, delete and modify any personal data collected in this way. Any personal information collected is destined for use by Siplast-Icopal and Siplast-Icopal's partners. Siplast-Icopal will never share a user's personal data with any third party, unless the user himself specifically requests this. Siplast-Icopal does not keep users' IP addresses. A session cookie is created when you visit the www.siplast-international.com website. Cookies record information about your visit to our site (pages visited, date and time of visit, etc.) on your computer's hard drive. This information can be used during your next visit to the website. This cookie remains on your computer for 30 minutes. You can block these cookies by modifying the security parameters of your browser. As a visitor to the Siplast-Icopal website, you are bound to respect the provisions of the French law "Informatique, fichiers et libertés" of January 6, 1978, (n°78-17). Anyone violating this law is liable to penal sanctions. According to the French law n°78-17 "Informatique, fichiers et libertés", you have the right to access, rectify or delete information which refers to you by name. If you wish to rectify or delete certain data, please send an e-mail specifying your request to: email@example.com. The www.siplast-international.com website is registered with the C.N.I.L. ("Commission Nationale de l'Informatique et des Libertés") under the reference 1112829.