IBP acquires installation specialist Norkote

Installed Building Products (IBP) has added another notch on its acquisitions belt.

The Columbus, Ohio-based builder service provider announced that it has acquired Norkote, Inc. 

Founded in 1952, Norkote is headquartered in Everett, Wash. and installs specialty coatings for fire protection, insulation, and acoustics in commercial and industrial applications.

Terms of the deal were not disclosed. But the move adds another $10 million in annual revenue to IBP sales.

“To date in 2020, we have acquired approximately $94 million of annual revenues,” said Jeff Edwards, chairman and CEO of Installed Building Products.  “Acquisitions remain a key component of our growth strategy and we continue to have a robust pipeline of acquisition opportunities across multiple geographies, products, and end markets.”

Earlier this month, IBP reported that it has acquired Contractors/Magellan Insulation, known within its local markets as Icon. The acquisition added about $27 million in revenue. Icon also operates in Washington and Oregon.

With a focus on insulation installation, IBP’s offerings include waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors, and other products for residential and commercial builders.

Last year, IBP reported record sales of $1.5 billion.