Installed Building Products Announces the Acquisition of Virginia Based East Coast Insulators
October 17 2016 - 4:30PM
Business Wire
Acquisition Adds Approximately $20 Million
of Annualized Revenue
Installed Building Products, Inc. (the “Company” or “IBP”)
(NYSE:IBP), an industry-leading installer of insulation and
complementary building products, announced today the acquisition of
East Coast Insulators. Since 1986, East Coast Insulators has
provided installation services to residential and commercial
customers in the Virginia, West Virginia, Washington DC, and
Maryland markets through two Virginia locations.
“With $20 million of annualized revenues, East Coast Insulators
has a large presence within strong and growing markets, and this
acquisition will help expand our presence in the mid-Atlantic
region,” stated Jeff Edwards, Chairman and Chief Executive Officer.
Since the beginning of the year, we have completed seven
acquisitions representing nearly $73 million of annual revenue and
our pipeline of potential acquisitions remains robust. We are
focused on selectively acquiring market-leading installers in
highly attractive markets and expect 2016 to be another strong year
of acquisition growth.”
About Installed Building Products
Installed Building Products, Inc. is the nation's second largest
insulation installer for the residential new construction market
and is also a diversified installer of complementary building
products, including garage doors, rain gutters, shower doors,
closet shelving and mirrors, throughout the United States. The
Company manages all aspects of the installation process for its
customers, including direct purchases of materials from national
manufacturers, supply of materials to job sites and quality
installation. The Company offers its portfolio of services for new
and existing single-family and multi-family residential and
commercial building projects from its national network of branch
locations.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws, including with respect
to the demand for our services, expansion of our national
footprint, our ability to capitalize on the new home construction
recovery, our ability to strengthen our market position, our
ability to pursue value-enhancing acquisitions, our ability to
improve profitability and expectations for demand for our services
for the remainder of 2016. Forward-looking statements may generally
be identified by the use of words such as "anticipate," "believe,"
"expect," "intends," "plan," and "will" or, in each case, their
negative, or other variations or comparable terminology. These
forward-looking statements include all matters that are not
historical facts. By their nature, forward-looking statements
involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
Any forward-looking statements that we make herein and in any
future reports and statements are not guarantees of future
performance, and actual results may differ materially from those
expressed in or suggested by such forward-looking statements as a
result of various factors, including, without limitation, the
factors discussed in the “Risk Factors” section of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2015, as
the same may be updated from time to time in our subsequent filings
with the Securities and Exchange Commission. Any forward-looking
statement made by the Company in this press release speaks only as
of the date hereof. New risks and uncertainties arise from time to
time, and it is impossible for the Company to predict these events
or how they may affect it. The Company has no obligation, and does
not intend, to update any forward-looking statements after the date
hereof, except as required by federal securities laws.
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version on businesswire.com: http://www.businesswire.com/news/home/20161017006472/en/
Installed Building Products, Inc.Investor
Relations:614-221-9944investorrelations@installed.net
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