Monday, March, 20, 2023 09:55:23
Installation of insulation and complementary building materials has become vital in today’s varying climatic conditions. Especially across colder regions like North America and Europe, there is a rising demand for sustainable residential buildings that offer adequate thermal insulations. Companies offering such products are actively acquiring fellow companies in a bid to enhance their business reach. Installed Building Products, Inc., an expert in installing complementary building products and insulation, has made a similar move recently by acquiring Minnesota Spray-Foam Insulation (MSI) and Northeast Spray Insulation, Inc. According to reports, Northeast Spray Insulation offers fiberglass, spray foam, cellulose insulation installation services as well as thermal barrier services to residential consumer throughout New Hampshire and Maine, whereas MSI caters the same in Minnesota. Known for its intuitive services, Northeast has generated annual revenues of around $3.6 million. Meanwhile, MSI is claimed to be recording revenues worth around $1.6 million annually. Speaking on the announcement, Jeff Edwards, Chairman and Chief Executive Officer, Installed Building Products, said that both the acquisition would significantly enhance the presence of their firm in the two housing markets. He added that their firm has so far managed to generate over $36 million of annual revenues, with a huge chunk of revenue coming from insulation installers. However, the two acquisitions still remain a major factor of its growth plan as it intends to capitalize more such acquisition opportunities across multiple products, end markets and geographies. Incidentally, IBP has prior demonstrated its interest in the Tennessee market when it announced its acquisition plans for Therm-Con, LLC and Foamtech, Inc. in 2019. The firm has inked a deal with the two firms which would help increase its presence in Georgia and Alabama markets as well as in Tennessee. For the record, Therm-Con provides insulation, shower doors, fireplace, mirror and closet shelve installation services to residential customers. Source Credit: