Investcorp Acquires Icopal for Euro 850 Million
14-06-2007
(Press release, London Stock Exchange)
London, June 14, 2007 - Investcorp, the asset management firm specializing in
alternative investments, today announced that it has agreed to acquire Icopal,
the leading manufacturer and provider of roofing products and installation
services, for Euro 850 million (6.4 billion DKK) 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 the leading Danish
corporate bank. During the consortium's ownership, Icopal has grown to become
the world's 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.
Icopal is Investcorp's fourth private equity acquisition in its current fiscal
year, following earlier buyouts of Greatwide, Armacell and Moody. Including the
acquisition of Icopal, on a combined basis Investcorp has made some $2.8 billion
of new acquisitions this year, deploying approximately $856 million of equity.
Icopal is the leading European manufacturer of bituminous waterproofing
membranes. Its products are used by the non-residential construction market
across Europe, with an increasing focus on the high growth markets of Central
and Eastern Europe. Icopal is also the leading installer of flat and metal roofs
and facades in the Nordic countries, and also offers a range of roofing
accessories and construction materials. Icopal's products are predominantly sold
to building material merchants, independent roofing contractors and Icopal's own
contracting business, and to a limited extent to DIY retailers. It has 32
manufacturing sites located throughout Europe and the United States, a turnover
of approximately EUR 900 million (6.7 billion DKK) and employs some 4,000
people.
Icopal was taken private from the Copenhagen Stock Exchange in July 2000.
Commenting on the transaction, Yves Alexandre, a managing director in
Investcorp's private equity team, said: "Icopal is a true leader in its
industry. We are backing a strong management team in a growing industry and
believe that Icopal is an attractive platform for growth, particularly due to
its innovative product portfolio and strong acquisition track record. It has an
attractive position in the dynamic growth markets of Central and Eastern
European and Russia. We look forward to capitalising on Icopal's current
momentum and to growing the company both organically and through selective
add-ons."
Christian Frigast, CEO of Axcel, said: "Since our consortium's acquisition of
Icopal in 2000, we have come far together. Together with Icopal's management, we
have reached our development goals for the company. Now is therefore a natural
time to let new owners in, owners who have the strength and experience to
accelerate the company's further growth. Investcorp has a vast experience with
developing industrial companies, and I am both very pleased and comfortable with
handing over Icopal to Investcorp."
Martin Ellis, CEO of Icopal, said: "I believe Investcorp is the right new owner
for Icopal, particularly as Investcorp has shown that it is committed to support
and develop our strategy for continued development and support our significant
growth opportunities within roofing and installation services."
The acquisition is subject only to regulatory approvals and expected to close
mid August.
Media contacts:
Fishburn Hedges (for Investcorp), Morgan Bone/Andrew Marshall +44 20 7544 3000
Deborah Botwood Smith, Investcorp corporate communications +44 20 7629 6600
Martin Ellis, CEO, ICOPAL +45 51 23 55 09
Christian Frigast, CEO, Axcel, +45 26 32 64 00
About Investcorp
Investcorp is a leading provider and manager of alternative investment products.
It has offices in New York, London and Bahrain and is publicly traded on the
London Stock Exchange (IVC) and Bahrain Stock Exchange (INVCORP). Investcorp has
five lines of business: private equity, hedge funds, real estate, venture
capital and Gulf growth capital. Founded in 1982, Investcorp has grown to become
one of the largest and most diverse alternative investment managers in terms of
both product offerings and geography. It currently has over $10bn in invested
assets under management. Further information is available at www.investcorp.com.
About Icopal
The Icopal Group is the world's leading producer of roofing and waterproofing
membranes and the market leader in the Nordic countries in the area of roofing
contracting activities. The Icopal product portfolio also includes other
construction materials for the protection of buildings and other structures.
Icopal's main product groups are:
• Bitumen roofing and waterproofing membranes
• Underroofing, wind and vapour barriers
• Bitumen civil engineering membranes
• Bitumen roofing shingles
• Liquid products
• Scaffold sheeting
• Gutters
• Steel roofing (Decra)
• Plastic roofs (Fastlock)
• Skylights and fire ventilation
• Sound deadening materials for walls and floors
• Radon and gas membranes
The Group has a turnover of approximately EUR 900 million and employs some 4,000
people. Icopal, which is headquartered in Denmark, operates globally and has 32
manufacturing sites and 84 offices throughout Europe, North America and Asia.
About Axcel
Axcel is the largest private equity fund of Denmark, which focuses on creating
strong and valuable enterprises. Axcel was founded in 1994 and has a large
number of Danish and international investors today. Since its establishment,
Axcel has actively invested in Danish enterprises through three investment funds
with a capital commitment totalling DKK 6.6 billion.
With 29 investments Axcel is the fund which has made most investments in
medium-sized Danish enterprises. Today, Axcel's investments comprise 12
enterprises with total revenue of approx. DKK 14 billion. Up to now 17 of the
enterprises in which Axcel has invested have been developed further and sold.
Axcel is always participating actively in the top management of the acquired
enterprises. Since its establishment, Axcel has created a significant and
extensive industrial network in Denmark and abroad based on the many
acquisitions made outside Denmark. Learn more about Axcel on www.axcel.dk.