Installed Building Products Announces the Acquisition of Pisgah Insulation and Fireplaces of NC, LLC

Rhea-AI Summary

Installed Building Products, Inc. (NYSE: IBP) has announced the acquisition of Pisgah Insulation and Fireplaces of NC, LLC, which is expected to add approximately $8.5 million in annual revenue. Located in Mills River, North Carolina, Pisgah specializes in spray foam insulation and fireplaces for new residential homes in the Asheville market. This acquisition aligns with IBP's growth strategy, enhancing its presence in North Carolina and contributing to its expansion across various markets.

Positive

• Acquisition of Pisgah Insulation adds approximately $8.5 million of annual revenue.
• Strengthens Installed Building Products' market presence in North Carolina, a strategic growth area.

Negative

• None.

Acquisition Adds Approximately $8.5 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, announced today the acquisition of Pisgah Insulation and Fireplaces of NC, LLC. (“Pisgah”). Established in 2001, Pisgah is headquartered in Mills River, North Carolina and primarily installs spray foam insulation, fiberglass insulation, and fireplaces into new residential homes in the Asheville, NC market.

“With approximately $8.5 million of annual revenue, Pisgah expands our presence in North Carolina,” 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 opportunities across multiple geographies, products, and end markets. On behalf of everyone at Installed Building Products, I would like to welcome Pisgah 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 in all 48 continental states and the District of Columbia from its national network of over 210 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 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 duration, effect and severity of the COVID-19 crisis; the adverse impact of the COVID-19 crisis on our business and financial results, our supply chain, the economy and the markets we serve; general economic and industry conditions; 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, 2021, 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/20220225005478/en/

Investor Relations

614-221-9944

investorrelations@installed.net

Source: Installed Building Products, Inc.

FAQ

What is the significance of the acquisition of Pisgah Insulation for IBP?

The acquisition is expected to add approximately $8.5 million in annual revenue and enhance IBP's market presence in North Carolina.

When was the acquisition of Pisgah Insulation announced?

The acquisition was announced on February 25, 2022.

What products does Pisgah Insulation specialize in?

Pisgah specializes in spray foam insulation, fiberglass insulation, and fireplaces for new residential homes.

How does the acquisition fit into IBP's growth strategy?

The acquisition is part of IBP's ongoing growth strategy, aimed at expanding its national footprint and diversifying its product offerings.