- Announces Repurchase of $6.1 Million of Common Stock in
Privately-Negotiated Transaction -
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 it has agreed to repurchase 315,000
shares of its common stock for an aggregate purchase price of $6.1
million from Installed Building Systems, Inc. ("IBS"), an Edwards family
entity in which Jeff Edwards, our Chief Executive Officer, has
beneficial ownership. The transaction was initiated by the Edwards
family and represents approximately 1% of the Company's outstanding
shares. The other family members who are shareholders of IBS are not
involved in the operations of IBP. Upon completion of the repurchase,
Jeff Edwards' beneficial ownership will be approximately 27% of the
Company's outstanding shares.
The price per share for the repurchase equals $19.23, which was the last
reported sales price of the Company's common stock on March 13, 2015,
less a discount of 7.5%. The repurchase was effected in a
privately-negotiated transaction and will be funded from the Company's
available capital.
"The share repurchase demonstrates our board's confidence in IBP's
strategy and long-term prospects, and illustrates our ongoing commitment
to generating value for shareholders," stated Michael Miller, the
Company's Chief Financial Officer. "Our solid balance sheet gives us the
ability to complete the share repurchase while maintaining financial
flexibility to continue capitalizing on attractive opportunities to grow
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
share repurchase and our views of the benefits of the share repurchase
for the Company and its shareholders. 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.
Installed Building Products, Inc.
Investor Relations:
614-221-9944
investorrelations@installed.net
Source: Installed Building Products, Inc.
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