Installed Building Products Inc. (NYSE: IBP) has acquired BDI Insulation for $36 million.
BDI, headquartered in Bakersfield, California, installs fiberglass insulation in southern California, Washington, Idaho and Utah.
Columbus, Ohio-based Installed installs insulation for residential new construction products. The company also installs, garage doors, rain gutters, shower doors, closet shelving and mirrors. The deal helps the buyer expand in the western U.S. Installed is making the deal with money under its credit facility and cash on hand.
Overall, as things have looked up in the real estate market, building products deals have returned. Recent transactions include Nautic Partners LLC's acquisition of IPS Corp., a specialty plumbing company, in February, and Builders FirstSource Inc.'s (Nasdaq: BLDR) deal for Empire Truss Ltd., in December.
For more, see Growth in Construction Sector Spurs M&A in Building Products.