Installed Building Products Announces the Acquisition of General Ceiling & Partitions, Inc.

Rhea-AI Summary

Installed Building Products (IBP) announced the acquisition of General Ceiling & Partitions (GCP) and Reliable Glass & Mirror, enhancing their positions in the commercial and residential markets. GCP adds approximately $11.5 million in annual revenue and expands IBP's services in Colorado Springs. The company has achieved about $79 million in total annual revenues through acquisitions in 2021, indicating a robust growth strategy with a strong pipeline of opportunities ahead.

Positive

• Acquisition of GCP adds $11.5 million in annual revenue, expanding IBP's commercial installation services.
• Acquisition of Reliable Glass & Mirror increases market presence in Louisiana.
• In 2021, IBP has successfully acquired approximately $79 million in annual revenues, bolstering growth.

Negative

• None.

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 General Ceiling & Partitions, Inc. (“GCP”). Founded in 1986, GCP is headquartered in Colorado Springs, Colorado and primarily installs drywall, framing, ceiling tiles, and firestopping/insulation for commercial customers. IBP also today announced the acquisition of Reliable Glass & Mirror, LLC, a Louisiana based provider of glass and mirror installation services to residential and commercial customers.

“With approximately $11.5 million of annual revenue, GCP further expands our commercial installation services to the compelling Colorado Springs market,” stated Jeff Edwards, Chairman and Chief Executive Officer. “We also recently acquired Reliable Glass & Mirror increasing our presence within Louisiana. To date in 2021, we have acquired approximately $79 million of annual revenues. Acquisitions remain a key component of our growth strategy and we continue to have a robust pipeline of acquisition opportunities across multiple geographies, products, and end markets. On behalf of everyone at Installed Building Products, I would like to welcome GCP and Reliable Glass & Mirror on to our team.”

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 190 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 and the economy, 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 in 2021. 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 duration, effect and severity of the COVID-19 crisis; the adverse impact of the COVID-19 crisis on our business and financial results, the economy and the markets we serve; general economic and industry conditions, the material price 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, 2020, 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: https://www.businesswire.com/news/home/20210607005452/en/

FAQ

What are the details of IBP's acquisition of General Ceiling & Partitions (GCP)?

Installed Building Products acquired GCP, expanding its commercial installation services and adding approximately $11.5 million in annual revenue.

How does the acquisition of Reliable Glass & Mirror impact IBP?

The acquisition increases IBP's presence in the Louisiana market for glass and mirror installation services.

What is the total revenue from acquisitions made by IBP in 2021?

IBP has acquired approximately $79 million in annual revenues through various acquisitions in 2021.

What is the strategic importance of these acquisitions for IBP?

These acquisitions enhance IBP's market position, diversify its offerings, and support its growth strategy in key locations.