Installed Building Products Announces the Acquisition of Combee Insulation of Florida, LLC
December 11 2023 - 4:30PM
Business Wire
- Acquisition Adds Approximately $16.5 Million of Annual
Revenue
Installed Building Products, Inc. (the “Company” or “IBP”)
(NYSE: IBP), an industry-leading installer of insulation and
complementary building products, today announced the acquisition of
Combee Insulation Company, Inc., Combee Foam Products, Inc. and Air
Tight Diagnostics, LLC (collectively “Combee”). Established in
1970, Combee is headquartered in Lakeland, Florida and installs a
diverse mix of building products including, fiberglass insulation,
spray foam insulation, and garage doors, primarily into new
residential construction projects throughout the greater Central
Florida area.
"With approximately $16.5 million of annual revenue, Combee
expands our presence to serve single-family, multifamily, and
commercial customers throughout Central Florida," stated Jeff
Edwards, Chairman and Chief Executive Officer. “To date in 2023, we
have acquired approximately $75 million of annual revenue.
Acquisitions remain a key component of our growth strategy and we
continue to have a robust pipeline of opportunities across multiple
geographies, products, and end markets. On behalf of everyone at
Installed Building Products, I want to welcome Combee onto our
team.”
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws, including with respect
to the housing market and the commercial market, our financial and
business model, the demand for our services and product offerings,
expansion of our national footprint and end markets,
diversification of our products, our ability to grow and strengthen
our market position, our ability to pursue and integrate
value-enhancing acquisitions, our ability to improve sales and
profitability, and expectations for demand for our services and our
earnings. 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 adverse impact of the
ongoing COVID-19 pandemic; general economic and industry
conditions; increases in mortgage interest rates and rising home
prices; inflation and interest rates; the material price and supply
environment; the timing of increases in our selling prices; and the
factors discussed in the “Risk Factors” section of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022, 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.
About Installed Building Products
Installed Building Products, Inc. is one of the nation's largest
new residential insulation installers and is a diversified
installer of complementary building products, including
waterproofing, fire-stopping, fireproofing, garage doors, rain
gutters, window blinds, shower doors, closet shelving and mirrors
and other products for residential and commercial builders located
in the continental United States. The Company manages all aspects
of the installation process for its customers, from direct purchase
and receipt of materials from national manufacturers to its timely
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 in all 48 continental states and the District of Columbia
from its national network of over 240 branch locations.
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