Installed Building Products acquires U.S. Insulation Corp.
Installed Building Products, Inc., a Columbus, Ohio-based installer of insulation products, has completed its acquisition of U.S. Insulation Corp.
“We are pleased to announce the addition of U.S. Insulation Corp. to the IBP team as we continue to expand our national platform,” stated Jeff Edwards, chairman and CEO of IBP. “The addition of these two established branch locations deepens our presence in the New York Tri-State region and we expect these locations to contribute positively to our overall operations immediately.”
U.S. Insulation Corp. is a Connecticut-based installer of fiberglass and spray foam insulation, as well as complementary products like gutters and waterproofing.
It primarily serves the Hartford and Danbury areas and had net revenue of approximately $9 million in 2013.
Beach joins PRO Group board
Denver-based PRO Group announced the election of Chris Beach to the organization’s board of directors.
Beach currently serves as president, CEO and chairman of the board of The Bostwick-Braun Co. Beach started his career with Bostwick-Braun’s Industrial Supply Division in 1989. After managing a successful sales territory in Detroit for several years, he was promoted in 1999 to field sales manager for the Industrial Supply Division. In 2000, Beach was promoted to VP of Bostwick-Braun Industrial Supply. Later he was promoted to chief marketing officer and senior VP marketing. Prior to assuming his current role, Beach had served as president and COO. He received his bachelor’s degree in business administration from the University of Toledo.
Established in 1855, The Bostwick Braun Co. is an employee-owned distributor of retail hardware and industrial MRO supplies to customers across 28 states. Bostwick-Braun also supplies construction fasteners, industrial fasteners, cutting tools and specialty tools to commercial/industrial customers across the Midwest, as well as supplying soft automotive supplies, lawn and garden items and pet supplies to chain and specialty retailers across the Unites States.
Norcraft reports Q4 sales growth
Improved demand for cabinetry propelled Eagan, Minn.-based Norcraft Companies to a fourth-quarter sales increase of 13%.
The maker of kitchen and bathroom cabinetry in the United States and Canada completed its initial public offering in the fourth quarter, in which sales reached $80.5 million.
“The continued expansion of our operations reflects improving industry demand for quality cabinetry and continued execution on our strategy to expand our presence in our core dealer channel, deliver new products and realize price/mix gains across all our divisions," said Mark Buller, chairman and CEO.
Income from operations in the fourth quarter of 2013 increased 42.0% to $4.6 million from $3.2 million for the fourth quarter of 2012, the company reported. The increase was mainly attributable to higher sales on fixed manufacturing costs, lower freight costs and labor efficiencies associated with increased production. These positive factors were partly offset by moderately higher material costs and $0.5 million of additional corporate expenses related to the company’s IPO.
Sales also increased in the full year ended Dec. 31 — up 17.6% to $339.7 million. However, the company posted a net loss of $15.2 million for the full year, compared with a net loss of $9.6 million in the full year of 2012.
Buller added: "As we move forward in 2014, we are closely managing our pricing, promotional activities and costs and expect to continue building on the progress we have been making.”
Income from operations of $26.6 million in the full year of 2013 increased 37.2%, up from $19.3 million.