Bahrain- and London-based Investcorp has completed a €850m private equity buyout of Danish roofing firm Icopal. It was bought from a consortium comprising Axcel, Denmark’s largest private equity fund, Carlisle Companies, a US diversified manufacturing company, Kirkbi, the Danish private equity fund, and Danish corporate bank FIH. Icopal’s products are used in non-residential construction across Europe and Investcorp spied big growth opportunities across the continent, particularly in the east and in Russia. The debt was provided by a syndicate of Lehman Brothers, ING and Mizuho. Details of the gearing ratio are not being disclosed. This is Investcorp’s fourth transaction to date this year, bringing its total to US$2.8bn of new acquisitions so far in 2007. About US$850m has been in equity, the rest bank debt. It is believed to be planning a number of further acquisitions this year.