It’s the second-largest purchase price we’ve ever seen in the market behind Home Depot’s $18 billion SRS deal and caps a remarkable 12-month span of aggressive growth for QXO.
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The acquisition strengthens TopBuild's presence in the Northeast.
Combined, they represent about $53 million in annual revenue for the distributor and installer, and follow its much larger purchases of SPI and Progressive Roofing.
SPI had revenue of about $700 million for the 12 months ended June 30 and represents another major expansion for TopBuild after it acquired Progressive Roofing in July.
It's the latest deal involving building materials distributors, following QXO’s purchase of Beacon and The Home Depot’s pending acquisition of GMS.
TopBuild is also set to acquire New York-based thermal insulation supplier Shannon Global Energy Solutions.
Distribution segment volume, price and M&A each increased year-over-year, though volume was less than anticipated.
TopBuild is set to add Arkansas-based Insulation Works, which has three locations.
Originally announced this past July, the deal was valued at $960 million.
