GAF acquires Icopal for €1bn

GAF, North America’s largest roofing manufacturer, has purchased roofing and waterproofing specialist Icopal from Investcorp for an enterprise value of approximately €1bn.

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.”

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