Investcorp in €1bn exit of Icopal to GAF

The deal, which is expected to complete by the end of Q2, comes despite Icopal and Investcorp strongly signalling the company would be listed on the Copenhagen Stock Exchange in early 2016.

GAF's acquisition will give the North American company access to the European market and brings to an end nearly 16 years of private equity ownership for Icopal.

Previous funding
Investcorp acquired Icopal in an €850m SBO from Danish GP Axcel and other investors in June 2007.

Axcel had taken Icopal private in July 2000, paying €550m for the company with three fellow investors: Lego investment fund Kirkbi, Canada's IKO and US industrial group Carlisle Companies.

In March 2006 FIH Bank, Axcel and Kirkbi jointly acquired IKO's stake, while Carlisle retained its 25% holding.

Axcel's relationship with Icopal has extended beyond its ownership period, having poached Icopal CFO Christian Schmidt-Jacobsen in 2015 to succeed the GP's founder Christian Frigast.

Company
Founded in 1876, Icopal is a manufacturer of roofing and waterproofing services and materials, including bitumen and other synthetic, liquid and metal technologies.

The company is headquartered in Herlev and employs 3,500 people across Europe, North America and Asia. Its revenues were around DKK 7.5bn in 2015, with profits of around DKK 700m.

People
Investcorp – Daniel Lopez-Cruz (managing director).
Icopal – Miguel Kohlmann (CEO).

Advisers
Equity – Lazard & Co (M&A); Jefferies (Corporate finance).

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