- Acquisition Adds $6.0 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 Red Rock Insulation, which
consists of PWD Associates, Inc d/b/a Red Rock Insulation, Red Rock
Insulation, LLC, and Elite Spray Foam & Roofing, LLC. Founded in 2000,
Red Rock Insulation serves Southern Nevada through a branch located in
Las Vegas, and Southwestern Utah through a branch located in St. George.
The company provides primarily insulation installation services for
single-family residential customers.
"With annualized revenues of $6.0 million, Red Rock expands our
footprint in Nevada and Utah," stated Jeff Edwards, Chairman and Chief
Executive Officer. "Historically, IBP has had a limited presence in
these geographies, and we are excited to expand in these compelling
housing markets. Since the beginning of the year, we have completed
eight acquisitions and our pipeline of potential acquisitions remains
robust."
About Installed Building Products
Installed Building Products, Inc. is one of the nation's largest
insulation installers for the residential new construction market and is
also a diversified installer of complementary building products,
including waterproofing, fire-stopping and fireproofing, 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 2017. 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, 2016, 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/20170901005728/en/
Installed Building Products, Inc.
Investor Relations, 614-221-9944
investorrelations@installed.net
Source: Installed Building Products, Inc.
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