Insulation Company Closes Ninth Deal
Installed Building Products Inc., a national insulation and building products installation company, has acquired a North Carolina-based residential spray polyurethane foam insulation installer.
BioFoam of North Carolina LLC, d/b/a Prime Energy Group, will add $8.9 million in annualized revenue to IBP's portfolio.
Additional terms of the deal, announced Dec. 8, were not disclosed.
In its announcement regarding the acquisition, IBP chairman and CEO Jeff Edwards said the deal is its ninth of 2015. Recent acquisitions include Sierra Insulation Contractors Inc., of Ontario, CA, and Eco-Tect Insulation Inc., of Apple Valley, CA.
“This [Prime Energy Group] acquisition further expands our presence in the strong North Carolina housing market,” Edwards stated.
Since 2008, Prime Energy Group has been serving the greater North Carolina residential market with branch locations in Raleigh and Charlotte, the company reported.
On a Roll
“Revenues from acquisitions completed in 2015 now represent $109 million of annualized business,” said Edwards.
The company’s robust acquisition activity isn’t expected to slow in the coming year.
“We are ending the year with a solid pipeline of acquisition opportunities for 2016,” he notes.
To date, the company has completed over 100 acquisitions, according to its website.
About Installed Building Products
IBP says it is “the nation’s second largest insulation installer for the residential construction market.”
The company, founded in 1977, manages all aspects of the installation process for its clients, including direct purchases of materials from manufacturers, supply of materials to jobsites and quality installation.
IBP provides services to new and existing residential and commercial building projects.