- Combined Acquisitions Add Approximately $15 Million of Acquired
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 Layman Brothers
Contracting ("Layman") based in Powhatan, Virginia.
Layman is a premier insulation installer with a 12 year operating
history serving the greater Richmond, Virginia area through its
diversified product offering and end market mix. Fiberglass and spray
foam insulation installations represent approximately two-thirds of
Layman's revenue and rain gutters account for the remaining third, with
approximately half its revenue from new single family residential
construction and the remainder split across the multifamily, commercial
and repair and remodel end markets. Layman had revenue of approximately
$13.7 million for the full year ending December 31, 2014.
The Company also announced today the acquisition of Bluegrass Insulation
of Bowling Green ("Bluegrass"), based in Bowling Green, Kentucky, which
enhances the Company's presence in select markets in Kentucky and
Tennessee with revenue of approximately $1.3 million for the full year
ending December 31, 2014.
"We are pleased to announce the additions of Layman and Bluegrass to the
IBP team as we continue to expand our national platform," stated Jeff
Edwards, Chairman and Chief Executive Officer of IBP. "Layman adds an
established and diversified insulation installer to our Company while
further strengthening our position in the improving mid-Atlantic region.
Bluegrass provides us with a strategically positioned satellite branch
for our existing operations in the greater Nashville, Tennessee area. We
look forward to both of these acquisitions contributing immediately to
our operations and we remain committed to further expanding our national
network of attractively positioned branch locations."
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.
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. As a result,
actual events may differ materially from those expressed in or suggested
by the forward-looking statements. 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.
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Installed Building Products, Inc.
Source: Installed Building Products, Inc.
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