GAF acquires Icopal
GAF has entered into a definitive agreement to acquire Icopal, a European roofing and waterproofing products manufacturer.
GAF will purchase Icopal from Investcorp Ltd for about €1 billion, with the transaction expected to close by the second quarter of 2016.
“We have tremendous respect for Icopal’s talented management team, and we welcome all of Icopal’s employees to the GAF family,” said Bob Tafaro, president and CEO of GAF. “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 single-ply 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 capitalize on the opportunities created by technological shifts – and GAF will be there to share its expertise and its resources.”
Herlev, Denmark-based Icopal is known for its modified bitumen membranes and single-ply and liquid roofing products. The company also provides products and solutions for the residential roofing, building membranes, below-grade waterproofing and civil engineering markets.
Icopal operates 36 production sites concentrated in Germany, the U.K., France and Scandinavia, with a family of brands that includes Icopal, Siplast, Vedag, Wolfin and Villas. It employs approximately 3,500 employees worldwide and has annual revenues of approximately €1 billion (US$1.1 billion).
Under GAF's leadership, the combined company will have nearly $4 billion in sales across more than 80 countries and 6,500 employees.
Additionally, GAF also announced that its parent company, Building Materials Corporation of America (“BMCA”), will be renamed Standard Industries Inc. The new name is a reference to GAF’s founding as the Standard Paint Company in 1886, as well as a reflection of its expanded brand portfolio and global reach.
“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” said David Millstone and David Winter, co-Chief Executive Officers of Standard Industries and Chief Investment Officers of 40 North Management, a privately-held investment affiliate. “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.”