Installed Building Products receives cash infusion
Installed Building Products (IBP), a leading installer of insulation and building products to residential and commercial customers, has announced that Littlejohn & Co., a private investment firm, has made a “significant capital investment” in IBP to recapitalize the company and further its growth.
Headquartered in Columbus, Ohio, IBP operates nationally installing insulation, gutters, fireplaces, garage doors, and related products.
"We are very pleased with this investment and the additional financial support from Littlejohn who have demonstrated great success in building and supporting companies in many industries," said CEO Jeff Edwards. "The investment and recapitalization strengthen our company and will accelerate our efforts to grow our business. It is a major step in our long range strategic plan that will support expansion of services and also provide funding for potential acquisitions."
IBP’s senior executives and the Edwards family will remain as majority shareholders in the ongoing business and will continue to focus on the company’s strategic growth plans.
Headquartered in Greenwich, Conn., Littlejohn & Co. is a private equity firm focused on investing in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth.
"IBP is a fundamentally sound company that has outperformed its competitors and successfully navigated the dramatic decline in the housing market over the past five years," said Steven Raich, managing director of Littlejohn. "This is an opportune time to participate in a sector that we believe will stabilize and partner with an industry leader that is led by an excellent management team."
Beacon appoints chief accounting officer
Beacon Roofing Supply appointed Rick C. Welker as VP and chief accounting officer effective Nov. 18.
Welker formerly served as VP and corporate controller and will continue to report to David R. Grace, executive VP and chief financial officer.
Welker, age 52, is a CPA and CMA and began his career with PricewaterhouseCoopers. He joined Beacon in 2004 prior to its IPO and has assisted with the company’s substantial growth including many acquisitions, according to the company’s statement.
Welker holds a BSBA from Western New England University and an MBA from the University of Connecticut.
Paint tour ends, experience continues
An education tour that kicked off June 20 hit its final stop this month, as the BehrPro Experience Tour rolled into a Louisville, Ky. Home Depot.
Since June 20, the tour has traveled to more than 400 Home Depot stores, educating customers on Behr’s professional products and services.
According to a spokeswoman, "Event attendees had the opportunity to meet with regional BehrPro sales representatives and learned about new products and service offerings, demo products, mingled with industry peers, entered giveaways, and enjoyed Behr’s hospitality."