DENMARK - Investcorp acquires Icopal for EUR 850m

Investcorp has signed an agreement to acquire Icopal, a manufacturer and provider of roofing products and installation services, for EUR 850m on a debt-free basis. Icopal will be acquired from a consortium comprising Axcel, Denmark's largest private equity fund, Carlisle Companies Inc, a US diversified manufacturing company, Kirkbi, the Danish private equity fund, and FIH a Danish corporate bank. The consortium of investors acquired Icopal in a take-private transaction from the Copenhagen Stock Exchange in 2000. During the consortium's ownership, Icopal has grown to become a leading producer of roofing and waterproofing membranes, and the market leader in the Nordic countries in roofing contracting activities. Investcorp will further support Icopal's growth.