Jun 3 2015
Installed Building Products, Inc. (the "Company"), an industry-leading installer of insulation and other complementary building products, announced today the acquisition of Layman Brothers Contracting ("Layman") based in Powhatan, Virginia.
Layman is a premier insulation installer with a 12 year operating history serving the greater Richmond, Virginia area through its diversified product offering and end market mix. Fiberglass and spray foam insulation installations represent approximately two-thirds of Layman's revenue and rain gutters account for the remaining third, with approximately half its revenue from new single family residential construction and the remainder split across the multifamily, commercial and repair and remodel end markets. Layman had revenue of approximately $13.7 million for the full year ending December 31, 2014.
The Company also announced today the acquisition of Bluegrass Insulation of Bowling Green ("Bluegrass"), based in Bowling Green, Kentucky, which enhances the Company's presence in select markets in Kentucky and Tennessee with revenue of approximately $1.3 million for the full year ending December 31, 2014.
"We are pleased to announce the additions of Layman and Bluegrass to the IBP team as we continue to expand our national platform," stated Jeff Edwards, Chairman and Chief Executive Officer of IBP. "Layman adds an established and diversified insulation installer to our Company while further strengthening our position in the improving mid-Atlantic region. Bluegrass provides us with a strategically positioned satellite branch for our existing operations in the greater Nashville, Tennessee area. We look forward to both of these acquisitions contributing immediately to our operations and we remain committed to further expanding our national network of attractively positioned branch locations."
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.
Source: http://www.installedbuildingproducts.com/