North American roofing manufacturer GAF has announced the acquisition of Icopal, a pan-European manufacturer of roofing and waterproofing products, for approximately €1 billion.
The acquisition will provide GAF with a platform for growth on both sides of the Atlantic within the roofing industry.
GAF’s Executive Vice President of Sales, Jim Schnepper, will now become President and Chief Executive Officer of Icopal, whilst Tom Anderson, GAF’s Senior Vice President of Planning & Supply Chain Management, will become Chief Operating Officer.
GAF and Icopal now has a combined 6,500 employees and nearly $4 billion in sales across more than 80 countries.
Bob Tafaro, President & CEO of GAF commented: “GAF and Icopal are an excellent cultural fit given our shared focus on manufacturing excellence, strong customer service, and innovation.
Icopal and its leading roofing and waterproofing brands have a bright future within the GAF family, and we look forward to working together to create world-class value for all of our customers.”
Moelis & Company oversaw the acquisition as an exclusive financial advisor for GAF’s parent company, Standard Industries. Sullivan & Cromwell acted as a legal advisor in the transaction.
