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Installed Building Products (IBP) has acquired Statewide Insulation, Inc., operating as Tri-County Insulation and Acoustical Contractors, for an estimated $14 million in annual revenue. This acquisition, aimed at expanding IBP's presence in California, is part of a larger strategy that has already seen the company secure $68 million of annual revenue through acquisitions in 2022. IBP continues to explore growth opportunities across various markets, enhancing its capabilities in insulation and complementary building products.
Positive
Acquisition of Tri-County adds approximately $14 million in annual revenue.
Expands IBP's market presence in California.
Contributes to IBP's strategy of $68 million in annual revenue from acquisitions in 2022.
Negative
None.
Acquisition Adds Approximately $14 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 Statewide Insulation, Inc. doing business as Tri-County Insulation and Acoustical Contractors (“Tri-County”). Established in 1974, Tri-County is headquartered in Santa Clara, California, with two additional California locations in Santa Cruz and Santa Maria. Tri-County primarily installs fiberglass insulation, spray foam insulation, and acoustical ceiling insulation into new residential, multifamily, and commercial projects in California.
“With approximately $14 million of annual revenue, Tri-County expands our presence in California,” stated Jeff Edwards, Chairman and Chief Executive Officer. “To date in 2022, we have acquired approximately $68 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 would like to welcome Tri-County 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; 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, 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.
