– Acquisition Adds Approximately $8.8 Million of Annual Revenue –
COLUMBUS, Ohio--(BUSINESS WIRE)--Mar. 18, 2019--
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 1stState
Insulation, LLC (“1st State”). Founded in 2015, 1st
State serves the Delaware and Maryland markets through one branch
location in Delaware. The company provides fiberglass and spray foam
insulation installation services primarily for single-family residential
customers.
“With trailing twelve-month revenue of $8.8 million, 1st
State enhances our presence in attractive markets in both Delaware and
Maryland,” stated Jeff Edwards, Chairman and Chief Executive Officer. “1st
State has experienced strong growth since its founding, and we expect
these trends to continue on IBP’s national platform. 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.”
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 from its national network of over 175 branch locations.
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, our financial and business model, the demand for our
services and product offerings, expansion of our national footprint,
diversification, our ability to capitalize on the new home and
commercial construction recovery, 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 in 2019.
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, general economic and industry conditions,
the material price environment, 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, 2018, 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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Source: Installed Building Products, Inc.
Investor Relations:
614-221-9944
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