Bahrain-based Investcorp has bought roofing company Icopal for €850 million ($1.13 billion).
Investcorp bought Icopal from a consortium comprising Axcel, the largest Danish private equity fund, Carlisle Companies, a US manufacturing company, Kirkbi, another Danish private equity fund and FIH, a Danish bank.
Icopal sells its roofing products to building material merchants, independent roofing contractors and its own contracting business. It has a turnover of approximately €900 million and employs nearly 4,000 people.
Icopal’s products are mainly sold to building material merchants, independent roofing contractors and Icopal’s own contracting business.
Yves Alexandre, managing director of Investcorp’s private equity team, said the company is well positioned in the dynamic growth markets of Central and Eastern European and Russia.
In March, PEO reported Investcorp was raising a €1 billion to target European investors. Previously Investcorp had targeted investors in the Middle East and North Africa region for the €10 billion it has under management.