Parsippany, New Jersey -- Roofing manufacturer GAF is set to acquire an Investcorp subsidiary Icopal which manufactures polyurethane-based insulation boards.
Icopal’s Thermazone Torch-on Board utilises PIR (polyisocyanurate) insulation board technology.
GAF will pay around EUR1 bn ($1.1 bn) for the firm in a deal that is expected to close by Q2 2016.
Herlev, Denmark headquartered Icopal produces modified bitumen membranes and has a significant and growing presence in single-ply and liquid roofing products, according a GAF press release.
Icopal operates 36 production sites – in countries including Germany, the UK, France and Scandinavia – and has around 3,500 employees worldwide.
Its annual revenues are reported as EUR1 bn, the GAF press release said.
Icopal’s operations and sales are currently concentrated in some of Europe’s largest economic regions including Germany, the United Kingdom, France and Scandinavia.
GAF's parent company is Building Materials Corporation of America, which today announced it will be renamed Standard Industries Inc.