Installed Building Products expands in the Pacific Northwest

Installed Building Products (IBP), the provider of insulation installation and other builder services, continues its approach of growth through acquisitions.

The Columbus, Ohio-based company reported that it has acquired Contractors/Magellan Insulation, known within its local markets as Icon. 

Founded in 1989, Icon is headquartered in Kent, Wash., and provides insulation, waterproofing, and fire-stopping installation services to commercial and multi-family customers throughout Washington and Oregon. Icon has annual revenue of approximately $26 million, according to IBP Chairman and CEO Jeff Edwards.

Edwards said that Icon’s mix of commercial and multi-family customers aligns well with the growth IBP is experiencing across its nationwide footprint. IBP operates more than 180 branches nationally.

In 2020, IBP’s total acquisitions include about $84 million in annual revenues. Terms of this deal were not disclosed.

Last month, IBP acquired Cherry Hill, N.J.-based Storm Master Gutters. The company provides gutter installation services in nine states and had annual sales of about $20 million.

“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,” Edwards said.

Along with 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.