Installed Building Products Announces the Acquisition of I.W. International Insulation, Inc. DBA Intermountain West Insulation

Rhea-AI Summary

Installed Building Products (IBP) has acquired I.W. International Insulation, Inc., known as Intermountain West Insulation, enhancing its insulation services in the Pacific Northwest. Intermountain, founded in 1981, operates six locations in Washington and generated approximately $34.4 million in annual revenue. This acquisition is part of IBP's growth strategy, which includes expanding its geographical footprint and service offerings. The company emphasizes its commitment to integrating value-enhancing acquisitions to strengthen its market position and improve profitability.

Positive

• Acquisition of Intermountain adds approximately $34.4 million in annual revenue.
• Expansion of single-family residential insulation services in the Pacific Northwest.
• Strengthens market position and growth opportunities.

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 I.W. International Insulation, Inc. doing business as Intermountain West Insulation (“Intermountain”). Founded in 1981, Intermountain has six locations throughout Washington state and is headquartered in Kennewick. The company primarily provides insulation installation services to residential customers throughout Washington, Oregon, and Idaho.

“With approximately $34.4 million of annual revenue, Intermountain significantly expands our single-family residential insulation installation services in the Pacific Northwest,” stated Jeff Edwards, Chairman and Chief Executive Officer. “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 Intermountain onto 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.

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FAQ

What is the significance of IBP's acquisition of Intermountain?

The acquisition significantly expands IBP's insulation services in the Pacific Northwest, adding approximately $34.4 million in annual revenue.

When was Intermountain established?

Intermountain was founded in 1981 and has been serving residential customers in Washington, Oregon, and Idaho.

How many locations does Intermountain operate?

Intermountain operates six locations throughout Washington state.

What are IBP’s future plans following the acquisition?

IBP plans to continue pursuing acquisitions to enhance its market position and expand its service offerings across different geographies.