Installed Building Products (IBP) has just announced the acquisition of Thrice Energy Solutions, LLC and Gutter Pro Enterprises, Inc. These two acquisitions together add approximately $14 million of annual revenue to IBP. Thrice, located in Oklahoma City, Oklahoma, focuses on installing fiberglass and spray foam insulation for new residential and commercial construction in Oklahoma and Texas. Meanwhile, Gutter Pro, based in Plymouth, Massachusetts, provides gutter installation services to residential and commercial customers throughout Massachusetts and Rhode Island.
In addition to these acquisitions, IBP also provided a share repurchase update. In June, the company repurchased approximately 215 thousand shares of its common stock at a total cost of $46 million, including commissions. As of June 17, 2024, IBP has over $250 million available under its stock repurchase program.
These strategic moves reflect IBP's continued effort to expand into new geographic regions and diversify its installed product offering, as stated by Jeff Edwards, Chairman and Chief Executive Officer of IBP. The company views acquisitions as a key component of its growth strategy and has a robust pipeline of opportunities across multiple geographies, products, and end markets.
Today the company's shares have moved -0.2% to a price of $214.18. For more information, read the company's full 8-K submission here.
