M&A Deal Summary

Investcorp International and Intermediate Capital Group Acquire Icopal AS

On July 1, 2007, asset manager Investcorp International and mezzanine finance firm Intermediate Capital Group acquired building materials company Icopal AS from Axcel for 6.4B DKK

Acquisition Highlights
  • This is Investcorp International’s 5th and Intermediate Capital Group’s 7th transaction in the Building Materials sector.
  • This is Investcorp International’s 2nd and Intermediate Capital Group’s 21st largest (disclosed) transaction.
  • This is Investcorp International’s 1st and Intermediate Capital Group’s 5th transaction in Denmark.
Investment Fate
  • Icopal AS was sold to a strategic buyer in 2016 for 1.0B EUR.

M&A Deal Summary

Date 2007-07-01
Target Icopal AS
Sector Building Materials
Buyer(s) Investcorp International
Intermediate Capital Group
Sellers(s) Axcel
Deal Type Secondary Buyout
Deal Value 6.4B DKK

Target

Icopal AS

Herlev, Denmark
website
Icopal AS is an international manufacturer of flat roofing materials. The Company also provides products and solutions for the residential roofing, building membranes, below grade waterproofing and civil engineering markets. Icopal operates 36 state-of-the-art production sites, employs approximately 3,500 employees worldwide.

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Buyer(S) 2

Buyer

Investcorp International

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1982
PE ASSETS 21.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Investcorp International, Inc. is a publicly traded global investment group focused on a variety of investment disciplines. Practice areas include private equity in North America and Western Europe, hedge funds, US real estate, technology investments, and Middle Eastern private equity. Within North America/Europe private equity, Investcorp targets market leaders with proven track records. It looks to invest $15 to $50 million in companies with revenues of $10 to $250 million. Investcorp's technology group sponsors growth-oriented control investments in the tech sector. Investcorp's Middle East practice focuses on buyout/build opportunities in North Africa and the Gulf Region. Target sectors include services, infrastructure, manufacturing, and energy. Investcorp was formed in 1982 and is based in Manama, Bahrain.


DEAL STATS #
Overall 72 of 171
Sector (Building Materials) 5 of 7
Type (Secondary Buyout) 18 of 56
Country (Denmark) 1 of 3
Year (2007) 5 of 7
Size (of disclosed) 2 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-21 InnerWireless

Richardson, Texas, United States

InnerWireless, Inc. enables seamless wireless coverage inside large commercial, healthcare and government buildings through a unified broadband distribution platform and provides a real-time location system (RTLS) that provides wireless, high-assurance location tracking over RFID for hospital and corporate assets. InnerWireless' scalable RF platform is engineered to support a full range of wireless services and is future ready so enterprises can add new wireless technologies without disruption.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-12 Berlin Packaging

Chicago, Illinois, United States

Berlin Packaging is a supplier of custom and stock rigid packaging and related solutions to large and small customers nationwide in end markets such as food and beverage, household/personal care, healthcare, and chemicals. Berlin Packaging was founded in 1898 and is based in Chicago, Illinois.

Buy -
Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 187 of 278
Sector (Building Materials) 7 of 12
Type (Secondary Buyout) 48 of 107
Country (Denmark) 5 of 6
Year (2007) 15 of 33
Size (of disclosed) 21 of 80
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 Focus DIY

Barking, United Kingdom

Focus DIY is one of the leading do-it-yourself and gardening retailers in the UK. Operating over 250 stores, Focus offers a broad range of own brand and branded home and garden decorative products as well as power tools, building materials, plants and lawnmowers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-12 Qmatic

Molndal, Sweden

Qmatic is a provider of electronic queue and customer flow management solutions (CJM). CJM helps bridge the gap between the online and physical world and helps clients deliver personal and friction-free experiences to their customers. Qmatic is at the forefront of the industry by designing customer journeys in the cloud, integrating queue management, appointment booking software, self-service kiosks, signage, and offering business intelligence. Qmatic was founded in 1981 and is based in Molndal, Sweden.

Buy -

Seller(S) 1

SELLER

Axcel

Copenhagen, Denmark

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Axcel Management AS is a private equity firm focused on mid-market buyouts in Denmark and Sweden. Axcel primarily seeks companies with a strong Danish or Swedish base and international potential. The Firm looks to invest in companies with revenues of DKK 250 million (€ 35 million) to DKK 4 billion (€ 535 million). Axcel prefers majority positions. Axcel Management A/S was formed in 1994. The Firm is based in Copenhagen with an additional office in Stockholm.


DEAL STATS #
Overall 13 of 43
Sector (Building Materials) 2 of 4
Type (Secondary Buyout) 3 of 13
Country (Denmark) 10 of 32
Year (2007) 1 of 1
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-01 Cimbria A/S

Thisted, Denmark

Cimbria A/S is a manufacturer of equipment used for either seed processing or post-harvest grain handling. The company’s products include equipment for cleaning, drying and storing grain and seed, as well as conveyors linking equipment in a handling or processing line. Products range from standalone equipment pieces to large custom built project installations. Cimbria operates two production facilities in Denmark, and one in each of Austria, the Czech Republic and Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-03 JB Education

Jonkobing, Sweden

John Bauer Organization AB is an owns and provider of private upper secondary schools since 1999, the first being the John Bauer upper secondary school in Jönköping. The schools are located in 29 different places in Sweden. JB Education's upper secondary schools offer tuition to approx. 12,000 pupils aged between 16 and 19.

Buy -