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].

INVESTOR PRESENTATION INSTALLED BUILDING PRODUCTS Q3 2025 NYSE: IBP NOV 5, 2025 Safe Harbor This presentation contains "forward-looking statements" as defined under U.S. federal securities laws. Forward -looking statements are generally identified by the use of the words "will," "may," "believes," "expects," "forecast," "intends," "anticipates," "projects," "outlook," "target," "plans" and "seeks," and, in each case their negative, and other variations or comparable terminology. Forward-looking statements a ...

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]