Installation and builder service provider Installed Building Products acquired Insulation Contractors/Magellan Insulation, known within its local markets as Icon. Kent, Wash.-based Icon, founded in 1989, provides insulation, waterproofing, and firestopping installation services to the commercial and multi-family markets in Washington and Oregon.
Icon generates approximately $26 million in annual revenue and the acquisition will expand Installed Building Products’ presence within the commercial and multifamily markets in the Pacific northwest, according to a news release.
“The mix of both commercial and multi-family customers aligns well with the current growth we are experiencing across our nationwide footprint,” Jeff Edwards, chairman and CEO of Installed Building Products, said in a prepared statement. “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.”
To date in 2020, Installed Building Products has acquired approximately $84 million of annual revenues. Most recently, the company acquired Cherry Hill, N.J.-based Storm Master.
Columbus, Ohio-based Installed Building Products operates 180 branch locations and provides insulation installation for residential and commercial builders. The company also offers waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving, and mirror installation services for builders.
