GAF to acquire Icopal for €1 billion
The transaction, which builds upon GAF’s products by adding a portfolio of high-quality brands in Europe and the United States, will create the world’s pre-eminent roofing company. The acquisition is expected to close by the second quarter of 2016.
Founded in 1876 and headquartered in Herlev, Denmark, Icopal is widely recognized in Europe in modified bitumen membranes and has a significant and growing presence in 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 state-of-the-art production sites, employs approximately 3,500 employees worldwide, and has annual revenues of approximately €1 billion ($1.1 billion).
Icopal’s operations and sales are currently concentrated in some of Europe’s largest economic regions including Germany, the United Kingdom, France and Scandinavia. The Company’s various brands – including Icopal, Siplast, Vedag, Wolfin and Villas – are all leaders in their respective markets.
In the United States, Icopal’s Siplast business has achieved a leading position in the high-end bitumen membrane segment of the commercial roofing market. Siplast will continue to operate as an independent premium roofing manufacturer with an emphasis on a high level of frontline service.
This acquisition marks a major milestone in GAF’s history and reflects the continued significant investment in its commercial business. This transaction will enable the combined company to leverage best practices and technologies on both sides of the Atlantic and provide GAF with new markets for both existing and complementary product offerings.
GAF will continue to provide unparalleled customer service, with a focus on delivering innovative solutions, to its customers on a worldwide basis.
The combined company will have nearly $4 billion in sales across more than 80 countries and 6,500 employees. ■