GAF roofing, based out of Parsippany New Jersey, has entered into an agreement to acquire a Danish manufacturer of waterproofing and roofing products. Icopal is known in the roofing industry as a top European manufacturer that has operated for over 100 years. The deal, agreed to for approximately 1 billion euros, will drastically expand the presence of GAF in the European marketplace they have been seeking for their products.
GAF, which was founded under the name Standard Paint Company, will buy Icopal from Investcorp Ltd., a Bahrain-based investment firm. “This is a transformative first step for our company in its vision to be a leading global industrial manufacturer,” David Winter, co-chief executive of Standard Industries, said in a statement.
The two companies espouse similar values shared in a culture of customer service, meritocracy, and high quality products with a focus on developing employees. The new partnership will allow privately held GAF, the largest roofing manufacturer in North America, to leverage its size and reach in a new market.
On average, North America makes up 25 percent of the global roofing industry while Europe accounts for roughly 15 percent. Icopal has a worldwide total of about 3,500 employees working 36 production sites earning annual revenue of $1 billion euros. Combined the company will have a presence in 80 countries and revenue will grow to an estimated $4 billion in sales with 6,500 workers employed around the globe.
Co-chief executive officer of Standard Industries, David Millstone, said in a statement, “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.”
GAF will be procuring a long standing reputation as Icopal, based in Herlev, Denmark, was founded in 1876 and currently supplies to residential roofing, construction and civil engineering markets among others.
With the deal expected to close in the second quarter GAF also announced that its parent company, Building Materials Corporation of America, has taken the Standard Industries name, The name change comes on the heels of the recent acquisitions of Specialty Granules Inc., Quest Construction Products, and now Icopal.