DUBAI (Reuters) – Bahrain’s Investcorp said on Thursday it had agreed to buy Danish roofing company Icopal for 850 million euros ($1.13 billion) from investors including two private equity funds.
Icopal, which installs metal roofs and makes waterproofing membranes, takes the value of the investment bank’s acquisitions in the financial year ending June 30 to $2.8 billion, Investcorp said in a statement.
Investcorp, which manages $10 billion in assets, raises cash in the Gulf, the world’s biggest oil exporting region, for investment in the West, although in April banking sources said it was starting a $1 billion fund for Western investors.
Acquisitions in this financial year include Texas-based Greatwide Logistics Services, German insulation maker Armacell and British energy and construction services firm Moody International Ltd.
Icopal has 32 manufacturing sites in Europe and the United States, with an annual turnover of 900 million euros, Investcorp said.
The company is owned by Danish private equity funds Axcel and Kirkbi, FIH Erhvervsbank and U.S manufacturer Carlisle Companies Inc, it said.
The acquisition will be completed in August subject to regulatory approval.