Installed Building Products Announces Acquisition of 1st State Insulation, LLC
18 Março 2019 - 5:15PM
Business Wire
– Acquisition Adds Approximately $8.8
Million of Annual Revenue –
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
1st State Insulation, LLC (“1st State”). Founded in 2015, 1st State
serves the Delaware and Maryland markets through one branch
location in Delaware. The company provides fiberglass and spray
foam insulation installation services primarily for single-family
residential customers.
“With trailing twelve-month revenue of $8.8 million, 1st State
enhances our presence in attractive markets in both Delaware and
Maryland,” stated Jeff Edwards, Chairman and Chief Executive
Officer. “1st State has experienced strong growth since its
founding, and we expect these trends to continue on IBP’s national
platform. Acquisitions remain a key component of our growth plan
and we continue to have a robust pipeline of acquisition
opportunities across multiple geographies, products and end
markets.”
About Installed Building Products
Installed Building Products, Inc. is one of the nation's largest
new residential insulation installers and is a diversified
installer of complementary building products, including
waterproofing, fire-stopping, fireproofing, garage doors, rain
gutters, window blinds, shower doors, closet shelving and mirrors
and other products for residential and commercial builders located
in the continental United States. The Company manages all aspects
of the installation process for its customers, from direct purchase
and receipt of materials from national manufacturers to its timely
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 over 175 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 housing market, our financial and business model, the demand
for our services and product offerings, expansion of our national
footprint, diversification, our ability to capitalize on the new
home and commercial construction recovery, our ability to grow and
strengthen our market position, our ability to pursue and integrate
value-enhancing acquisitions, our ability to improve sales and
profitability and, expectations for demand for our services and our
earnings in 2019. 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, general
economic and industry conditions, the material price environment,
and the factors discussed in the “Risk Factors” section of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2018, 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.
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