The building products distributor QXO Inc. (NYSE: QXO) announced that it is acquiring TopBuild Corp. (NYSE: BLD) for approximately $17 billion.
Headquartered in Daytona Beach, Florida, TopBuild is the largest distributor and installer of insulation and related building products in North America. According to the companies, the transaction will combine QXO’s leading positions in roofing, waterproofing, lumber-related building materials, and associated products with TopBuild’s insulation capabilities.
Following the acquisition of TopBuild, QXO will have approximately 28,000 employees, 1,150 locations across all 50 states and seven Canadian provinces, and a fleet size of more than 10,000 vehicles.
This marks the second acquisition announcement of the year for Greenwich, Connecticut-based QXO, following the February news that it was purchasing Kodiak Building Partners for approximately $2.25 billion.
“Over the past 11 months, we’ve built QXO into a market leader through more than $13 billion of acquisitions, closing on Beacon in 2025 and Kodiak earlier this month,” said QXO Chairman and CEO Brad Jacobs. “TopBuild will be our most significant acquisition yet, making QXO the second largest publicly traded building products distributor in North America, with more than $18 billion of combined company revenue and more than $2 billion of combined company adjusted EBITDA.”
Jacobs added, “The TopBuild transaction will also give us critical mass in the insulation sector and expand our exposure to large, complex projects like data centers, where scale matters. TopBuild has a deep bench of best-in-class operators, reflected in its industry-leading adjusted EBITDA margin of approximately 18%. We plan to replicate their best practices across QXO, including deploying their ‘special OPS’ teams to continuously improve operational excellence and customer service.”
Robert Buck, CEO of TopBuild, stated: “We’re excited to join QXO and combine our leadership in insulation installation and specialty distribution with QXO’s scale, technology, and procurement capabilities. Together, we’ll enhance customer service, unlock meaningful cross-selling opportunities, and drive continued growth and operating efficiency. I’m proud of our team’s track record, including a 10-year sales CAGR of 13% and adjusted EPS CAGR of 31%. Thank you to the entire TopBuild team for delivering these exceptional results.”
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