COLUMBUS: Installed Building Products Inc. (NYSE: IBP), an industry-leading installer of insulation and complementary building products, announced the acquisition of Thrice Energy Solutions, LLC.
Located in Oklahoma City, Oklahoma, Thrice has a new residential and commercial end market presence throughout Oklahoma and Texas primarily installing fiberglass and spray foam insulation.
On June 3, IBP completed the acquisition of Gutter Pro Enterprises, Inc., a gutter installer based in Plymouth, Massachusetts. Gutter Pro services both residential and commercial customers throughout Massachusetts and Rhode Island.
“The Thrice and Gutter Pro acquisitions represent combined annual revenue of nearly $14 million and reflect our continued effort to expand into new geographic regions while diversifying our installed product offering. Thrice will be our first branch in Oklahoma City, one of Oklahoma’s largest new construction markets, while Gutter Pro reinforces our presence in the Northeast region,” stated Jeff Edwards, Chairman and Chief Executive Officer.
“Acquisitions remain a key component of our growth strategy and we continue to have a robust pipeline of opportunities across multiple geographies, products, and end markets. On behalf of everyone at Installed Building Products, I want to welcome Thrice and Gutter Pro onto our team.”
During the month of June, IBP repurchased approximately 215 thousand shares of its common stock at a total cost of $46 million, including commissions. At June 17, 2024, the Company has over $250 million available under its stock repurchase program.
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