Investcorp sells Icopal to GAF

Creation of Global Leader in Waterproofing Solutions

Copenhagen | January 25, 2016

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.

About Icopal

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.

About GAF

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

About Investcorp

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

Media Contacts:

Firas El Amine
+973 39987838
FTI Consulting
Fergus Wheeler
+44 20 3727 1233  

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