- Acquisition Adds Approximately $8 Million of Annualized 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 the Overhead Door Company
of Burlington, Inc. ("OHD") operating as the Overhead Door Company of
Burlington and the Overhead Door Company of Concord.
OHD is a well-established 54 year old company with locations in
Burlington, VT and Concord, NH. OHD's focus is installing and servicing
garage doors, as well as providing fulfillment services for windows,
interior and exterior doors, and molding. The company services
commercial and residential customers with approximately 70% of sales
from new construction.
"We are pleased to announce our eighth acquisition of the year with
trailing twelve month sales of approximately $7.5 million through
September 30, 2015," stated Jeff Edwards, Chairman and Chief Executive
Officer. "This acquisition extends our presence in Vermont and New
Hampshire, while diversifying our installation services. Garage door
installations comprised approximately 7% of our net revenue in 2014, and
unlike the other products we install, the garage door business has an
ongoing aftermarket service component. This acquisition brings our total
acquired revenue in 2015 to over $100 million. We have a solid pipeline
of acquisition opportunities and we remain disciplined in our approach
to valuations and pricing, while we execute on our growth strategy."
About Installed Building Products
Installed Building Products, Inc. is the nation's second largest
insulation installer for the residential new construction market and is
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 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 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 2015. 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 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: http://www.businesswire.com/news/home/20151110005349/en/
Installed Building Products, Inc.
Investor Relations:
614-221-9944
investorrelations@installed.net
Source: Installed Building Products, Inc.
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