Installed Building Products Announces Agreement to Acquire Commercial Insulation, Fireproofing and Waterproofing Installer
- Acquisition Expected to Close in 2017 First Quarter
Founded in 1982,
"IBP is the ideal partner to help us accelerate our growth and we are
excited to bring our commercial insulation, waterproofing, fire stopping
and fireproofing expertise to IBP," said
Closing of the acquisition is subject to customary closing conditions, including expiration of the applicable waiting periods under the Hart-Scott-Rodino Act.
This press release contains forward-looking statements within the
meaning of the federal securities laws, including with respect to the
closing of our pending acquisition of Alpha and the expected timing, the
anticipated funding for this acquisition, the impact of the pending
Alpha acquisition on and its contribution to our operations and
execution of our growth strategy, the impact of this pending acquisition
on our earnings and revenue, statements about backlog, 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 and 2017.
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, legal or regulatory proceedings or other
matters that affect the timing or ability to complete the acquisition as
contemplated, the possibility that the acquisition will not close due to
failure to satisfy the closing conditions, the occurrence of any event,
change or circumstance that could give rise to the termination of the
acquisition agreement, the potential impact to the Company's or Alpha's
business due to the announcement of acquisition, the risk that the
business of Alpha will not be integrated successfully, and the factors
discussed in the "Risk Factors" section of the Company's Annual Report
on Form 10-K for the year ended
Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release contains the non-GAAP financial measure backlog. Backlog is determined based on executed contracts and the portion of in process projects that are not already included in revenue based on the percentage of completion method.
Although the conversion of backlog to revenue is subject to risks and uncertainties, we believe that backlog is useful to investors and us as an indicator of future revenue from existing contracts. However, there is no standard system for compiling and calculating backlog and therefore our backlog measure may not be comparable to backlog measures reported by other companies. In addition, estimates of future financial results are inherently unreliable.
Investor Relations, 614-221-9944
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