Standard Industries Inc., the leading global provider of roofing and waterproofing solutions, and Braas Monier Building Group S.A. announced that Standard Industries will today close its tender offer for Braas Monier. Standard will combine Brass Monier’s operations with its European flat roofing business, Icopal, to form the largest manufacturer in the European roofing industry, with a diverse product portfolio of both pitched and flat roof technologies.
The new name for Standard Industries’ European operations will be “BMI Group.” The new logo draws on the heritage of both Icopal and Braas Monier, while symbolizing their now shared future - one in which they are stronger together. The existing local Braas Monier and Icopal brand names will remain a critical part of the joint operations. The group headquarters for the combined business will be in London.
BMI Group will service its customers with a full portfolio of roofing and waterproofing solutions for both the pitched and the flat roof markets. Customers will benefit from the combination of strong brands and an extensive sales, service and marketing platform for the joint operations.
Further, BMI Group’s offering will be enhanced by extensive investments in infrastructure and research and development designed to meet customers’ increasingly complex technology and logistics needs.
BMI Group will be led by a talented management team with balanced representation from Icopal and Braas Monier and over a century of experience in the building materials industry:
- Tony Robson, Executive Chairman of Icopal, will become Executive Chairman of BMI Group
- Georg Harrasser, Chief Executive Officer of Braas Monier, will become President of BMI Group
- Matthew Russell Chief Financial Officer of Braas Monier, will become Chief Financial Officer of BMI Group
- Tom Anderson, Chief Operating Officer of Icopal, will become Chief Operating Officer of BMI Group
- Keith Sanders, most recently Senior Vice President of National Accounts, Sales Administration & International at GAF, Standard Industries’ North American roofing business, will become Senior Vice President of Sales Strategy at BMI Group
Standard Industries has secured approximately 94.5 percent of the total share capital and voting rights in Braas Monier. As announced on March 29, 2017, shareholders can exercise a tender right pursuant to Art. 16 para. 1 of the Luxembourg Takeover Act and require Marsella Holdings S.à r.l., a wholly-owned subsidiary of Standard Industries Inc., to acquire their shares, until June 29, 2017, 24:00 hours (midnight) (CEST). Standard Industries will publish additional details on the exercise of the tender right, in particular the fair price to be paid for the tendered Braas Monier shares, within this period.
Additional information is available at www.standardindustriesoffer.com.