US: Dow Jones Institutional News has reported that Installed Building Products (IBP) has acquired EcoLogic Energy Solutions, which is based in Stamford, Connecticut.
EcoLogic is primarily an installer of spray foam and fibreglass insulation serving the Connecticut, New York and Northern New Jersey markets. Approximately half of EcoLogic's sales are in the new residential end market with the remainder split between commercial and repair and remodel activity. EcoLogic's sales for the 12 months that ended on 30 April 2015 were approximately US$6m.
"We are pleased to announce the addition of the EcoLogic team as we continue to strengthen our position in the New York Metropolitan area," said Jeff Edwards, chairman and CEO of IBP. "EcoLogic complements our strategic growth objectives and further diversifies our product and end market exposure. We expect this transaction to be immediately accretive as we integrate these assets onto our platform. Building on our robust acquisition activity to date, we remain committed to further capitalising on the significant expansion opportunities in our strong deal pipeline to continue improving our business."
