U.S. roofing maker GAF to acquire Denmark’s Icopal
GAF, the largest roofing manufacturer in North America, has agreed to acquire Danish peer Icopal A/S for about 1 billion euros ($1.08 billion), in a deal that will dramatically expand the privately held company's presence in Europe.
The deal provides GAF with new markets for its products. North America represented about 25 percent of the global roofing industry in 2013, while Europe accounted for close to 14 percent, according to market research firm Freedonia Group.
GAF, a subsidiary of Standard Industries Inc, which was formerly known as Building Materials Corporation of America, will buy Icopal from Bahrain-based investment firm Investcorp Ltd, the companies said on Monday.
"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," David Millstone, co-chief executive officer of Standard Industries, said in a statement.
Founded in 1876 and based in Herlev, Denmark, Icopal sells to the residential roofing, building membranes, waterproofing and civil engineering markets. It has annual revenue of about 1 billion euros.
Investcorp had acquired Icopal in 2007 for 850 million euros from Axcel, Denmark's largest private equity fund, Carlisle Companies Inc (CSL.N), a U.S. diversified manufacturing company, Kirkbi, another Danish private equity fund, and FIH, a Danish corporate bank, according to a statement at the time.
Founded in 1886 and based in Parsippany, New Jersey, GAF has about 3,000 employees and 29 manufacturing plants. Together with Icopal, the combined company will have nearly $4 billion in sales across more than 80 countries.
"This is a transformative first step for our company in its vision to be a leading global industrial manufacturer," David Winter, the other co-chief executive of Standard Industries, said in the statement. Millstone and Winter are also chief investment officers of 40 North Management, a privately held investment affiliate of Standard Industries.
Trusts for the benefit of the heirs of Ronnie Heyman, the widow of Samuel Heyman, the former chairman of GAF, are the beneficial owners of Standard Industries, according to credit ratings agency Moody's Investors Service Inc.
Find our roofer profile here
via Elevate Roofing Website Feeds http://dublin.elevateroofing.ie/u-s-roofing-maker-gaf-acquire-denmarks-icopal/