Installed Building Products Announces the Acquisition of Combee Insulation of Florida, LLC

Rhea-AI Summary

Installed Building Products, Inc. (IBP) has announced the acquisition of Combee Insulation Company, Inc., Combee Foam Products, Inc. and Air Tight Diagnostics, LLC, adding approximately $16.5 million of annual revenue. Combee, established in 1970 and headquartered in Lakeland, Florida, installs building products such as fiberglass insulation, spray foam insulation, and garage doors primarily in new residential construction projects in Central Florida. IBP has acquired around $75 million of annual revenue in 2023 through acquisitions, with a robust pipeline of opportunities across various geographies, products, and end markets.

• Acquisition Adds Approximately $16.5 Million of Annual 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, today announced the acquisition of Combee Insulation Company, Inc., Combee Foam Products, Inc. and Air Tight Diagnostics, LLC (collectively “Combee”). Established in 1970, Combee is headquartered in Lakeland, Florida and installs a diverse mix of building products including, fiberglass insulation, spray foam insulation, and garage doors, primarily into new residential construction projects throughout the greater Central Florida area.

"With approximately $16.5 million of annual revenue, Combee expands our presence to serve single-family, multifamily, and commercial customers throughout Central Florida," stated Jeff Edwards, Chairman and Chief Executive Officer. “To date in 2023, we have acquired approximately $75 million of annual revenue. Acquisitions remain a key component of our growth strategy and we continue to have a robust pipeline of opportunities across multiple geographies, products, and end markets. On behalf of everyone at Installed Building Products, I want to welcome Combee onto our team.”

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 and the commercial market, our financial and business model, the demand for our services and product offerings, expansion of our national footprint and end markets, diversification of our products, 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. 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 adverse impact of the ongoing COVID-19 pandemic; general economic and industry conditions; increases in mortgage interest rates and rising home prices; inflation and interest rates; the material price and supply environment; the timing of increases in our selling prices; 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, 2022, 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.

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 in all 48 continental states and the District of Columbia from its national network of over 240 branch locations.

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Investor Relations:

614-221-9944

investorrelations@installed.net

Source: Installed Building Products, Inc.

FAQ

What did Installed Building Products, Inc. (IBP) announce?

IBP announced the acquisition of Combee Insulation Company, Inc., Combee Foam Products, Inc. and Air Tight Diagnostics, LLC, adding approximately $16.5 million of annual revenue.

Where is Combee headquartered?

Combee is headquartered in Lakeland, Florida.

What building products does Combee install?

Combee installs a diverse mix of building products including fiberglass insulation, spray foam insulation, and garage doors, primarily into new residential construction projects in Central Florida.

How much annual revenue has IBP acquired in 2023?

IBP has acquired approximately $75 million of annual revenue in 2023 through acquisitions.

What is IBP's growth strategy?

Acquisitions remain a key component of IBP's growth strategy, with a robust pipeline of opportunities across various geographies, products, and end markets.