Installed Building Products (IBP) is primarily a building products installer, with insulation installation as its core service. IBP installs insulation — including fiberglass, cellulose, and spray foam — in new residential homes, multi-family buildings, and commercial structures across all 48 continental states, operating from roughly 250 branch locations. Insulation accounts for about 58% of net revenue. Beyond insulation, IBP installs shower doors, garage doors, waterproofing, rain gutters, fire-stopping, and window blinds, among other products. IBP's customers are primarily single-family homebuilders, multi-family developers, and commercial construction firms, with single-family new construction representing roughly 55–60% of total revenue. IBP sells bundled installation services — labor plus materials — and buys materials directly from manufacturers, giving IBP cost advantages over smaller competitors who buy through distributors. Labor and materials together represent roughly 75% of IBP's cost structure, making costs largely variable with volume. IBP operates three segments: Installation (~93% of revenue), Distribution (~5%), and Manufacturing (~2%). IBP has grown largely through acquisitions, completing over 200 since 1999, and targets acquiring at least $100M in annual revenue per year. IBP's acquisition model retains local management teams and brand names while applying national purchasing scale immediately to improve margins. IBP also pursues organic growth through cross-selling complementary products and expanding its heavy commercial business into new geographies.