– Manufacturer of Environmentally Friendly Cellulose Insulation
– Acquisition Adds Approximately $18 Million of Trailing Twelve-Month
Revenue
COLUMBUS, Ohio--(BUSINESS WIRE)--Oct. 31, 2018--
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 Advanced Fiber Technology
(“AFT”). Founded in 1988 and located in Bucyrus, Ohio, AFT manufactures
cellulose, asphalt, and industrial fibers. The company has annual
revenues of approximately $18 million and sells its products to
distributors and installers predominately in the Midwest and
Northeastern U.S.
“We are pleased to announce the acquisition of AFT, an environmentally
friendly cellulose insulation manufacturer,” stated Jeff Edwards,
Chairman and Chief Executive Officer. “AFT provides us with an
opportunity to vertically integrate our cellulose insulation supply in
certain markets which we believe will have an immediate and favorable
impact on our business and financial results. Cellulose is an attractive
alternative to fiberglass in a variety of insulation applications. Doug
Leuthold founded the company in 1988 and I am encouraged that he will be
staying on to help IBP run the facility and grow our cellulose supply
chain. I look forward to working with Doug and his team on this exciting
new platform.”
“So far this year we have closed 10 acquisitions representing
approximately $76 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,” concluded Mr. Edwards.
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 impact of the AFT acquisition, the
demand for our services and product offerings, expansion of our national
footprint and end markets, diversification of our products, expansion of
our cellulose business, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181031005773/en/
Source: Installed Building Products, Inc.
Installed Building Products, Inc.
Investor Relations, 614-221-9944
investorrelations@installed.net
