Westbrook home-insulation company acquired by Ohio chain
Courtesy / Northeast Spray Insulation
Westbrook-based Northeast Spray Insulation Inc., which installs home insulation, has been acquired by an Ohio company.
Northeast Spray Insulation Inc., a Westbrook-based installer of home insulation, has been acquired by an Ohio company.
Installed Building Products Inc. (NYSE: IBP), one of the country’s largest installation companies, acquired Northeast Spray Insulation for an undisclosed price, according to a news release Monday.
The Westbrook company installs spray foam, fiberglass and cellulose insulation and thermal barriers for residential single- and multi-family customers throughout Maine and New Hampshire. Founded in 2001 by David Conrad, Northeast has annual revenues of approximately $3.6 million, Installed Building Products said.
Attempts to reach Northeast for comment on the purchase were not immediately successful.
Installed Building Products, headquartered in Columbus, Ohio, insulates new and existing residential and commercial buildings, and also provides a range of other building products. The company was founded in 1977 and has over 175 branch locations nationwide, generating revenues last year of $1.34 billion.
In Monday's announcement, Installed Building Products said it also acquired another insulation installer, Minnesota Spray-Foam Insulation, which has annual revenues of about $1.6 million.
"The acquisitions of Northeast and MSI enhance our presence in two compelling housing markets,” Jeff Edwards, chairman and CEO of the Ohio company, said in the release. “To date, we have acquired over $36 million of annual revenues, which primarily consists of insulation installers."
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