Indianapolis-based home installation company 3R Products & Services LLC has been acquired by Columbus, Ohio-based Installed Building Products Inc.
Established in 1996, 3R specializes in the installation of closet shelving, bath accessories, mirrors and door hardware. It also handles fiberglass and acrylic bathtub repairs.
Until the acquisition, 3R had been a family-held company owned by Dick Waggoner and Randy Tillman. About 30 employees work at 3R, which is located at 1970 Midwest Boulevard west of the town of Speedway.
Waggoner said Installed Building Products approached 3R about an acquisition several months ago. After some thought, the owners decided to proceed.
“We can grow with them. It just seemed like a good marriage to make,” Waggoner said.
He declined to disclose financial terms of the acquisition, which closed on Monday. The company will continue to operate under its current name.
Installed Building Products already has a presence in Indianapolis, but those operations—Overhead Door of Indianapolis and Environmental Insulation and Garage Door Co.—focus on different products than 3R.
“With $5 million of annualized revenues, 3R Products & Services expands our product mix in the Indianapolis market by adding an extensive line of shower doors, shelving, mirrors and bath accessories,” Installed Building Products Chairman and CEO Jeff Edwards said in a news release.
Installed Building Products has a strategy of expansion through acquisition. The 3R deal represents its 10th announced acquisition so far this year. The firm has completed more than 100 acquisitions since 1999.
Installed Building Products is a publicly-held company founded in 1977. The company had net 2015 profits of $26.5 million on sales of $662.7 million. About 78 percent of the company’s revenue last year came from installing insulation, and the company estimates that it is the nation’s second-largest insulation installer for new residential projects. As of Dec. 31, Installed Building Products had 4,510 employees.