- Strengthens Northeast Market Exposure with Strategic Acquisition -
COLUMBUS, Ohio--(BUSINESS WIRE)--
Installed Building Products, Inc. (the "Company") (NYSE:IBP), an
industry-leading installer of insulation and other complementary
building products, announced today the acquisition of EcoLogic Energy
Solutions ("EcoLogic") based in Stamford, Connecticut. EcoLogic is
primarily an installer of spray foam and fiberglass insulation serving
the Connecticut, New York and Northern New Jersey markets. Approximately
half of EcoLogic's sales are in the new residential end market with the
remainder split largely between commercial and repair and remodel
activity. EcoLogic's sales for the trailing twelve month period ending
April 30, 2015 were approximately $6.0 million.
"We are pleased to announce the addition of the EcoLogic team as we
continue to strengthen our position in the New York Metropolitan area,"
stated Jeff Edwards, Chairman and Chief Executive Officer of IBP.
"Ecologic complements our strategic growth objectives and further
diversifies our product and end market exposure. We expect this
transaction to be immediately accretive as we integrate these assets
onto our platform. Building on our robust acquisition activity to date,
we remain committed to further capitalizing on the significant expansion
opportunities in our strong deal pipeline to continue improving our
business."
About Installed Building Products
Installed Building Products, Inc. is the nation's second largest
insulation installer for the residential new construction market and
also a diversified installer of complementary building products,
including 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 diverse
portfolio of services for new and existing single-family and multifamily
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 the
impact of the acquisitions on and their contributions to our operations
and our ability to execute on our growth strategy. 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, 2014, 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 come up 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: http://www.businesswire.com/news/home/20150701006475/en/
Installed Building Products, Inc.
Investor Relations:
614-221-9944
investorrelations@installed.net
Source: Installed Building Products, Inc.
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