GAF has announced that it is has closed its acquisition of Icopal for approximately €1bn.
The transaction is a transformative step that gives GAF the pre-eminent platform for growth in roofing on both sides of the Atlantic.
Jim Schnepper, executive vice president of sales at GAF, will become president and CEO of Icopal, GAF’s European operating division, while Tom Anderson, senior vice present of planning and supply chain management at GAF, will become COO.
GAF and Icopal will have a combined 6,500 employees and nearly $4bn in sales across more than 80 countries.
Bob Tafaro, president and 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 served as exclusive financial advisor for Standard Industries, GAF’s parent company, and Sullivan & Cromwell as legal advisor in this transaction.
