Core Insights - Eminence Capital has fully exited its position in Installed Building Products, selling 945,101 shares for approximately $170 million, marking a significant change in its investment strategy [1][2][10]. Company Overview - Installed Building Products, Inc. operates in the U.S. residential and commercial construction markets, focusing on the installation and distribution of insulation and complementary building products [5][9]. - The company reported a total revenue of $2.97 billion and a net income of $255.70 million for the trailing twelve months (TTM) [4]. Financial Performance - As of November 13, 2025, shares of Installed Building Products were priced at $257.14, reflecting a 26.0% increase over the past year, outperforming the S&P 500 by 13.44 percentage points [3][10]. - The company's dividend yield stands at 1.25% [4]. Business Model - Installed Building Products employs a vertically integrated business model, combining installation, distribution, and manufacturing to serve builders across the United States [9][14]. - The company focuses on both new construction and retrofit markets, leveraging a diversified product portfolio to provide value-added services [5][9]. Market Position and Strategy - Installed Building Products has transformed from a small insulation contractor into one of the largest installation platforms in the U.S., primarily generating revenue through installation services and product distribution [11][6]. - The company aims to continue its growth by acquiring well-run regional installers and integrating them into its operations, positioning itself as a consolidator in a fragmented industry [11][12]. Recent Developments - The complete sale of Installed Building Products shares by Eminence Capital indicates a strategic shift, as the stake previously represented 2.1% of the fund's assets under management [2][7]. - The decision to exit after a year of strong performance raises questions about the long-term growth potential of Installed Building Products and its ability to maintain attractive returns on acquisitions [10][12].

Core Insights - Clopay Corporation has been awarded the 2025 Partner of the Year in the millwork category by The Home Depot, recognizing its commitment to high-quality products and exceptional service [1][2]. Company Overview - Clopay Corporation, founded in 1964, is the largest manufacturer and marketer of garage doors and rolling steel doors in North America, operating under brands such as Clopay®, Ideal Door®, and Holmes Garage Door Company® [3][4]. - The company has four manufacturing facilities and 57 distribution centers located in Mason, Ohio [4]. Strategic Focus - Clopay emphasizes enhancing customer experience through investments in immersive in-store experiences and innovative product offerings, such as the VertiStack® Avante® stacking garage door, which provides homeowners with more flexibility [3][5]. - The company leverages customer insights and marketing expertise to redefine the garage door industry and strengthen its brand [3]. Parent Company Information - Griffon Corporation, the parent company of Clopay, is a diversified management and holding company that oversees its subsidiaries and seeks growth opportunities through acquisitions [5].

Company Overview - Installed Building Products (IBP) operates a national platform of over 250 locations serving 48 continental states and the District of Columbia[17] - IBP's revenue diversification shows insulation accounted for 78% of revenue in 2015, decreasing to 60% in 2024, while other building products increased from 6% to 16%[23] - IBP's end-market diversification shows new single-family homes accounted for 75% of revenue in 2015, decreasing to 57% in 2024, while new multi-family homes increased from 6% to 16% and commercial projects increased from 11% to 18%[23] - Established IBP branches with diversified revenue generate approximately $4,400 per residential permit, while developing branches generate approximately $2,200 per permit[35] Financial Performance - IBP generated over $1 billion in free cash flow in five years[39] - IBP's target leverage ratio is less than 200x, with a ratio of 109x as of September 30, 2025[44] - From 2020 to 2024, IBP allocated $579 million (50%) to acquisitions, $246 million (21%) to dividends, and $323 million (28%) to share repurchases, totaling $115 billion[47] - IBP's net revenue grew from $19687 million in 2021 to $29735 million in the last twelve months (LTM) ending September 30, 2025, representing a 21% growth[58] - IBP's adjusted EBITDA increased from $2854 million in 2021 to $5083 million in the LTM ending September 30, 2025[58] - IBP's adjusted gross profit margin improved from 300% in 2021 to 337% in the LTM ending September 30, 2025[58]

Company Overview - IBP has a national platform of over 250 locations serving all 48 continental states and the District of Columbia[17] - Insulation accounted for 78% of revenue in 2015, decreasing to 60% in 2024, while new single-family homes accounted for 75% of the end-market revenue in 2015, decreasing to 57% in 2024[23] - An established IBP branch generates approximately $4,400 per residential permit, while a developing branch generates approximately $2,200 per residential permit[35] Financial Performance - For the twelve months ended June 30, 2025, net revenue was $2.9559 billion, a 3.4% increase over the prior year period[59] - Adjusted gross profit for the twelve months ended June 30, 2025, was $993.2 million, resulting in an adjusted gross profit margin of 33.6%[59] - Adjusted EBITDA for the twelve months ended June 30, 2025, was $500.7 million, with an adjusted EBITDA margin of 16.9%[59] - Free cash flow for the twelve months ended June 30, 2025, was $276.8 million[91] - As of June 30, 2025, net debt was $578 million, with a net debt to adjusted EBITDA ratio of 1.15x[71] Capital Allocation - From 2020 to 2024, IBP allocated $579 million (50%) to acquisitions, $246 million (21%) to share repurchases, and $323 million (28%) to dividends[47]

Company Overview - Installed Building Products (IBP) operates a national platform of over 250 locations serving 48 continental states and the District of Columbia[17] - IBP's revenue diversification shows insulation accounting for 78% of revenue in 2015, decreasing to 60% in 2024, while new single-family revenue decreased from 75% to 57% in the same period[23] - Established IBP branches generate approximately $4,400 per residential permit, while developing branches generate around $2,200 per permit[35] Financial Performance - IBP's net revenue for the last twelve months ended March 31, 2025, was $29332 million, with a net revenue growth of 43%[60] - The adjusted gross profit for the last twelve months ended March 31, 2025, was $9848 million, resulting in an adjusted gross profit margin of 336%[60] - Adjusted EBITDA for the last twelve months ended March 31, 2025, reached $4965 million, yielding an adjusted EBITDA margin of 169%[60] - IBP's target leverage ratio is less than 200x, with a ratio of 117x as of March 31, 2025[45] Capital Allocation - From 2020 to 2024, IBP allocated $579 million (50%) to acquisitions, $246 million (21%) to share repurchases, and $323 million (28%) to dividends, totaling $115 billion[48] Acquisition Strategy - IBP targets >$100M of acquired revenue annually[56]

Company Overview - IBP has a national platform of over 250 locations serving all 48 continental states and the District of Columbia[16] - In 2024, Insulation accounted for 60% of revenue, while New Single Family represented 57% of the end-market revenue[18] - The company has generated over $1 billion in free cash flow in five years[25] - From 2020 to 2024, IBP allocated $579 million (50%) to acquisitions, $246 million (21%) to share repurchases, and $323 million (28%) to dividends[33] - An established IBP branch generates ~$4,400 per residential permit, while a developing branch generates ~$2,200 per residential permit[43] Financial Performance - IBP's residential sales per completion more than doubled from $555 in 2015 to $1,308 in 2024[55] - Net revenue increased from $16532 million in 2020 to $29413 million in 2024, a 59% growth[57] - Adjusted EBITDA increased from $2456 million in 2020 to $5114 million in 2024[57] - Net Debt / Adjusted EBITDA was 108x as of December 31, 2024[69] - Adjusted Gross Profit margin was 338% in 2024[57]