April 6, 2015
Installed Building Products Announces Acquisition of Southeast Insulation Installer
- Strengthens Exposure to Multi-Family and Commercial End Markets through Florida-Based Installer -
COLUMBUS, Ohio--(BUSINESS WIRE)-- Installed Building Products, Inc. (the "Company") (NYSE:IBP), an industry-leading installer of insulation and other complementary building products, announced today the acquisition of C.Q. Insulation Inc. ("CQ Insulation") based in Tampa, Florida.
CQ Insulation is primarily an installer of fiberglass and cellulose insulation, with a 12 year operating history serving the Florida market through its two branch locations in Tampa and Orlando. CQ Insulation primarily focuses on new multi-family residential and commercial end markets. CQ Insulation's sales for the full year ended December 31, 2014 were approximately $6.9 million.
"We are excited to announce the addition of CQ Insulation to our Company as we continue to expand our national footprint," stated Jeff Edwards, Chairman and Chief Executive Officer of IBP. "The addition of these two established branch locations deepens our presence in the Southeast and provides us with an attractive platform to pursue additional multi-family projects in our markets. As we move forward in 2015, we continue to see excellent acquisition opportunities in our target markets and we are well situated to further execute on our growth strategy."
About Installed Building Products
Installed Building Products, Inc. is the nation's second largest insulation installer for the residential new construction market and also a diversified installer of complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors, throughout the United States. The Company manages all aspects of the installation process for its customers, including direct purchases of materials from national manufacturers, supply of materials to job sites and quality installation. The Company offers its diverse portfolio of services for new and existing single-family and multifamily residential, and commercial building projects from its national network of branch locations.