Installed Building Products, Inc. (the “Company” or “IBP”) (NYSE: IBP), an industry-leading installer of insulation and complementary building products, today announced it has acquired Insulation Contractors/Magellan Insulation, known within its local markets as Icon. Founded in 1989, Icon is headquartered in Kent, Washington, and provides insulation, waterproofing, and firestopping installation services to commercial and multi-family customers throughout Washington and Oregon.
“With total annual revenue of approximately $26 million, Icon expands our presence with commercial and multi-family customers in Washington and Oregon. In addition, the mix of both commercial and multi-family customers aligns well with the current growth we are experiencing across our nationwide footprint,” stated Jeff Edwards, Chairman and Chief Executive Officer. “To date in 2020, we have acquired approximately $84 million of annual revenues. 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’d like to welcome Insulation Contractors/Magellan Insulation to our company.”
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 180 branch locations.