Installed Building Products Announces the Acquisition of Water-Tite Solution, Inc.
September 17 2018 - 4:10PM
Business Wire
– First Bolt-On Acquisition Within Large
Commercial Platform
– Acquisition Adds Over $6.0 Million of
Trailing Twelve-Month 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
Water-Tite Solution, Inc. (“Water-Tite”). Founded in 2001,
Water-Tite provides commercial waterproofing installation services
in the Tampa, Florida market and has annual revenue of over $6.0
million.
“We are very excited to announce the first bolt-on acquisition
within our large commercial platform. During 2018, Alpha opened a
branch in Tampa to capitalize on favorable trends within this
market and Water-Tite will immediately expand Alpha’s presence in
the Tampa market. So far this year we have closed nine acquisitions
representing nearly $60.0 million of acquired revenues.
Acquisitions remain a key component of our growth plan and we
continue to have a robust pipeline of acquisition opportunities
across multiple geographies, products and end markets,” stated Jeff
Edwards, Chairman and Chief Executive Officer.
About Installed Building Products
Installed Building Products, Inc. is one of the nation's largest
insulation installers for the residential new construction market
and is also a diversified installer of complementary building
products, including waterproofing, fire-stopping and fireproofing,
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 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, expansion of our
commercial business, our ability to capitalize on the new home and
commercial construction recovery, our ability to 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 in 2018. 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, 2017, 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: https://www.businesswire.com/news/home/20180917005729/en/
Installed Building Products, Inc.Investor Relations,
614-221-9944investorrelations@installed.net
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