Contractors

Installed Building Products Acquires Insulation Contractors/Magellan Insulation


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.


Forward-Looking Statements

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On one-year anniversary of Hard Rock Hotel collapse, developer sues host of contractors | News

The company that owns the ill-fated Hard Rock Hotel filed suit this week against a host of construction contractors, subcontractors and insurance companies for damages related to the collapse of the highrise last October that killed three workers and injured dozens more.

The legal action was filed in Orleans Parish Civil District Court late Monday, on the one-year anniversary of the collapse of the upper floors of the 18-story building.

The ownership group, 1031 Canal Development, is led by Mohan Kailas. But company officials have said principals of two of the project’s main contractors — Denzell Clark, owner of general contractor Citadel Builders and Todd Trosclair, owner of electrical contractor All-Star Electric — also owned a share.

1031 Canal places the blame for the building’s failure on Citadel, All-Star, Heaslip Engineering, architect Harry Baker Smith and 15 other subcontractors. Because of the group’s contract with Citadel to build the hotel at Canal and N. Rampart streets, it also sued the insurance providers of each contractor and subcontractor.

New Orleans sues owners of collapsed Hard Rock Hotel for $12M over cleanup, other costs

The lawsuit takes particularly pointed aim at Heaslip, which was cited for several key violations by investigators with the U.S. Occupational Health and Safety Administration. It claims that Heaslip failed to design the proper support beams and columns or calculate the proper loads that each floor could support. It branches out from there to the lead contractor, Citadel, and the various trades subcontractors.

“Just as Heaslip did not run appropriate load calculations and analyses, neither did the general contractor, or any subcontractor or supplier,” the lawsuit alleges.



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Demi Searls, 7, and Harlo Cartozzo, 8, write notes to their uncle Anthony Floyd Magrette who died in the Hard Rock Hotel construction site collapse in New Orleans, Monday, Oct. 12,

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LBC Credit Partners Supports the Investment In Rogers Mechanical Contractors, Inc.

RADNOR, Pa., Oct. 13, 2020 /PRNewswire/ — LBC Credit Partners (“LBC”), one of the leading providers of financing solutions to middle market companies, provided a senior secured credit facility to support the investment in Rogers Mechanical Contractors, Inc. by Craft Work Capital Partners, LLC, a specialized joint venture backed by Aterian Investment Partners.

(PRNewsfoto/LBC Credit Partners)

LBC served as Agent and Sole Lead Arranger for the senior secured credit facility.

Founded in 1962 and based in Villa Rica, Georgia, Rogers is a leading national provider of HVAC/mechanical and plumbing contracting services to the distribution center market. Rogers provides retrofit and new construction contracting services, in-house design, engineering and drafting expertise, and for industry-leading e-commerce and logistics customers nationwide.

Craft Work is a specialized joint venture between Aterian and a long-standing family office relationship, established to make strategic investments in mechanical, electrical and other related specialty contractors. The Craft Work team is led by veteran strategic partners who have spent decades in the specialty contractor industry.

Aterian is an operationally focused middle market private equity firm that provides resources to companies to further enhance growth, operations and investment initiatives. The firm invests in businesses generating $25 million to $500 million of annual revenue with strong, proven franchises. After making an investment, Aterian, in partnership with management, seeks to focus on the critical growth, operational and liquidity initiatives of a business in an effort to drive value creation for all stakeholders.

About LBC Credit Partners

LBC Credit Partners provides middle market and small-cap financing solutions supporting sponsored and non-sponsored transactions throughout the U.S. across a broad range of industries. With over $3 billion of capital commitments, we have provided in excess of $7 billion to over 246 issuers throughout our 16-year history. *  LBC is headquartered in the Philadelphia area and has

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Risk Theory Launches Downstream Energy Program for Contractors

DALLAS, Oct. 13, 2020 /PRNewswire/ — Risk Theory, LLC is excited to announce the launch of a new specialty underwriting unit, Carbon Underwriters, for Downstream Energy Contractors. This exclusive package program offers essential products for downstream energy contractors working in petrochemical plants and refineries in CA, IL, LA, OH, OK, PA, TX, & WA.

Carbon Underwriters multi-line insurance offering, led by niche Vice President Jonathan Doke, is essential for downstream energy contractors working in petrochemical plants and refineries. As industry experts, Carbon understands the insurance needs, and tailor coverage solutions to help fuel growth for downstream energy contractors.

Coverage is written on an admitted and non-admitted basis by an insurer rated A- (Excellent) by AM Best, and provides the following multi-line insurance coverage solutions:

  • Business Auto
  • Commercial General Liability
  • Commercial Excess Liability
  • Commercial Property
  • Commercial Inland Marine

For more information about the Carbon Underwriters Downstream Energy Program for Petrochemical Plant and Refinery Contractors, please visit or email us at www.carbonunderwriters.com or [email protected]

About Risk Theory, LLC

Founded in 2012, Risk Theory is a privately held specialty lines insurance manager with a dedicated focus on delivering niche property & casualty insurance products to underserved markets. Headquartered in Dallas, Texas, Risk Theory is licensed to place policies in every state through its nationwide network of producers. Our mission is rooted in pairing market experts with essential products to drive the value and service needed to win in today’s complex world. For more information, please visit www.risktheory.com. 

 

Cision View original content:https://www.prnewswire.com/news-releases/risk-theory-launches-downstream-energy-program-for-contractors-301151258.html

SOURCE Risk Theory, LLC

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LBC Credit Partners Supports the Investment In Rogers Mechanical Contractors, Inc. | Nachricht

RADNOR, Pa., Oct. 13, 2020 /PRNewswire/ –LBC Credit Partners (“LBC”), one of the leading providers of financing solutions to middle market companies, provided a senior secured credit facility to support the investment in Rogers Mechanical Contractors, Inc. by Craft Work Capital Partners, LLC, a specialized joint venture backed by Aterian Investment Partners.

(PRNewsfoto/LBC Credit Partners)

LBC served as Agent and Sole Lead Arranger for the senior secured credit facility.

Founded in 1962 and based in Villa Rica, Georgia, Rogers is a leading national provider of HVAC/mechanical and plumbing contracting services to the distribution center market. Rogers provides retrofit and new construction contracting services, in-house design, engineering and drafting expertise, and for industry-leading e-commerce and logistics customers nationwide.

Craft Work is a specialized joint venture between Aterian and a long-standing family office relationship, established to make strategic investments in mechanical, electrical and other related specialty contractors. The Craft Work team is led by veteran strategic partners who have spent decades in the specialty contractor industry.

Aterian is an operationally focused middle market private equity firm that provides resources to companies to further enhance growth, operations and investment initiatives. The firm invests in businesses generating $25 million to $500 million of annual revenue with strong, proven franchises. After making an investment, Aterian, in partnership with management, seeks to focus on the critical growth, operational and liquidity initiatives of a business in an effort to drive value creation for all stakeholders.

About LBC Credit Partners

LBC Credit Partners provides middle market and small-cap financing solutions supporting sponsored and non-sponsored transactions throughout the U.S. across a broad range of industries. With over $3 billion of capital commitments, we have provided in excess of $7 billion to over 246 issuers throughout our 16-year history. *  LBC is headquartered in the Philadelphia area and has offices in

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