IBP - Installed Building Products adds ~$10M of annual revenue with CFI Insulation acquisition

Installed Building Products (NYSE:IBP) has acquired Knoxville, Tennessee-based CFI Insulation. Established in 2003, CFI primarily installs fiberglass and spray foam insulation into new residential, multifamily and commercial construction projects. The acquisition adds ~$10M of annual revenue. Jeff Edwards, IBP's Chairman and Chief Executive Officer, stated: "With approximately $10M of annual revenue, CFI expands our presence to residential, multifamily and commercial customers throughout Tennessee. To date in 2021, we have acquired approximately $140 million of annual revenues, further surpassing our $100 million acquired revenue target for this year. Acquisitions remain a key component of our growth strategy and we continue to have a robust pipeline of opportunities across multiple geographies, products, and end markets."

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Installed Building Products adds ~$10M of annual revenue with CFI Insulation acquisition