- Blind Ambitions Acquisition Adds $9.4 Million of Annual Revenue -
- IBP also Announces Acquisition of Allpro Insulation with $2.8
Million of Annual Revenue -
COLUMBUS, Ohio--(BUSINESS WIRE)--
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 Blind Ambitions LLC.
Founded in 2006, Blind Ambitions has multiple locations throughout the
southeast. Blind Ambitions specializes in installing blinds, shades and
shutters primarily for the new construction homebuilding industry and
has trailing-twelve month revenue of $9.4 million.
In addition to Blind Ambitions, the company acquired Allpro Insulation
Co. Founded in 1998, Allpro serves the greater Raleigh market through
one branch location. The company primarily provides fiberglass
insulation installation services for single-family residential customers
and has trailing-twelve month revenue of $2.8 million.
"IBP began offering window blind installation services two years ago,
and this product category has grown organically to approximately $10
million of annual revenue. With trailing-twelve month revenue of $9.4
million, Blind Ambitions nearly doubles our category revenue,
significantly expands our footprint in compelling markets, and enhances
our product offering to include shades and custom shutters," stated Jeff
Edwards, Chairman and Chief Executive Officer. "Blind Ambitions'
customer base and experienced management team will create immediate
value for IBP and provides a nearly $20 million platform to meaningfully
increase these product offerings in our current markets and throughout
our national network of branches. We are excited about growing our
window blinds business, and our pipeline of potential acquisitions
remains robust as we continue to look at opportunities that expand IBP's
footprint, product offerings and end markets."
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.
This press release contains forward-looking statements within the
meaning of the federal securities laws, including with respect to the
demand for our services and product offerings, 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 and our ability to improve
profitability. 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, 2016, 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
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Installed Building Products, Inc.
Investor Relations: 614-221-9944
Source: Installed Building Products, Inc.
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