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Installed Building Products, Inc. IBP announced that it has completed the acquisition of Nationwide Gutter, LLC in a bid to expand its customer base throughout Texas and in surrounding states. However, the terms of the transaction have been kept under wraps.
Headquartered outside of Dallas, TX, Nationwide Gutter provides gutter installation and repair services, primarily to multifamily and commercial customers. This addition will enable Installed Building Products to expand footprint to multifamily and commercial customers throughout Texas and in surrounding states. This acquisition will add $5.2 million to the company's annual revenues.
Inorganic Moves Enable Growth & Diversification
Acquisitions are an important part of Installed Building’s growth strategy. This has led to diversification of its geographies, end markets and products. Since 1999, the company has integrated more than 150 companies through the acquisition strategy. Precisely, it wrapped up two business combinations during the first quarter of 2020.
In March 2020, Installed Building acquired Royals Commercial Services, Inc. in a bid to expand its presence in the greater Baltimore and mid-Atlantic markets. Headquartered in Millersville, MD, Royals Commercial serves commercial customers with spray foam insulation and thermal barrier installation services throughout Maryland, Pennsylvania, Virginia, Delaware, as well as New Jersey.
In addition to Royals Commercial, this industry-leading installer of insulation and complementary building products announced that it has acquired a Chicago-based shower, shelving and mirror installer.
The company is well positioned to increase participation in these compelling markets through acquisitions and organic moves. This Zacks Rank #3 (Hold) stock has gained 77.5% compared with the industry’s 62.9% rally over the past three months. We believe the above-mentioned strategies and recovering housing market fundamentals will help it grow further. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Installed Building Products — which shares space with TopBuild BLD, Arcosa, Inc. ACA and Armstrong World Industries, Inc. AWI in the same industry — is also a great pick in terms of growth investment, supported by a Growth Score of A.
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Armstrong World Industries, Inc. (AWI) : Free Stock Analysis Report
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