Exhibit 99.1
INSTALLED BUILDING PRODUCTS ANNOUNCES THE ACQUISITION OF
ADVANCED FIBER TECHNOLOGY
– Manufacturer of Environmentally Friendly Cellulose Insulation
– Acquisition Adds Approximately $18 Million of Trailing Twelve-Month Revenue
Columbus, Ohio, October 31, 2018.Installed Building Products, Inc. (the “Company” or “IBP”) (NYSE: IBP), an industry-leading installer of insulation and complementary building products, announced today the acquisition of Advanced Fiber Technology (“AFT”). Founded in 1988 and located in Bucyrus, Ohio, AFT manufactures cellulose, asphalt, and industrial fibers. The company has annual revenues of approximately $18 million and sells its products to distributors and installers predominately in the Midwest and Northeastern U.S.
“We are pleased to announce the acquisition of AFT, an environmentally friendly cellulose insulation manufacturer,” stated Jeff Edwards, Chairman and Chief Executive Officer. “AFT provides us with an opportunity to vertically integrate our cellulose insulation supply in certain markets which we believe will have an immediate and favorable impact on our business and financial results. Cellulose is an attractive alternative to fiberglass in a variety of insulation applications. Doug Leuthold founded the company in 1988 and I am encouraged that he will be staying on to help IBP run the facility and grow our cellulose supply chain. I look forward to working with Doug and his team on this exciting new platform.”
“So far this year we have closed 10 acquisitions representing approximately $76 million of acquired revenues. Acquisitions remain a key component of our growth plan and we continue to have a robust pipeline of acquisition opportunities across multiple geographies, products and end markets,” concluded Mr. Edwards.
About Installed Building Products
Installed Building Products, Inc. is one of the nation’s largest insulation installers for the residential new construction market and is also a diversified installer of complementary building products, including waterproofing, fire-stopping and fireproofing, 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 portfolio of services for new and existing single-family and multi-family residential and commercial building projects from its national network of branch locations.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including with respect to our financial and business model, the impact of the AFT acquisition, the demand for our services and product offerings, expansion of our national footprint and end markets, diversification of our products, expansion of our cellulose business, expansion of our commercial business, our ability to capitalize on the new home and commercial construction recovery, our ability to strengthen our market position, our ability to pursue and integrate value-enhancing acquisitions, our ability to improve sales and profitability, and expectations for demand for our services and our earnings in 2018. Forward-looking statements may generally be identified by the use of words such as “anticipate,” “believe,” “expect,” “intends,” “plan,” and “will” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not
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