TopBuild's Strategic $810 Million Acquisition of Progressive Roofing
Daytona Beach, Tuesday, 8 July 2025.
TopBuild Corp. has committed to an $810 million cash acquisition of Progressive Roofing to broaden its building solutions and capitalize on the expanding construction market.
Enhancing Market Position
TopBuild Corp. (NYSE:BLD), a leader in insulation and building products to the U.S. construction industry, announced on 8 July 2025 that it has signed an agreement to acquire Progressive Roofing. This all-cash transaction is valued at $810 million, marking a significant expansion of TopBuild’s market position by incorporating comprehensive commercial roofing services offered by Progressive Roofing, a well-established leader in the industry [1].
Strategic Rationale and Expected Synergies
The acquisition aligns with TopBuild’s strategic vision to offer a complete suite of building solutions by integrating Progressive Roofing’s strong market presence in commercial roofing. This move is expected to provide a significant boost to TopBuild’s revenue stream, with Progressive Roofing having generated $438 million in revenue and $89 million in EBITDA for the trailing twelve months ended 31 March 2025. Furthermore, the deal is anticipated to be immediately accretive to TopBuild’s adjusted earnings per share [1].
Financial Structure of the Acquisition
The acquisition will be funded through a $524 million extension and upsizing of TopBuild’s Senior Secured Credit Facilities, alongside a $250 million delayed draw and existing cash balances. The transaction values Progressive Roofing at approximately 9.1x its EBITDA for the trailing twelve months, and 8.6x EBITDA post-synergies, considering $5 million in anticipated synergies [1].
Future Outlook and Closing Timeline
The acquisition, pending customary closing conditions and regulatory approvals, is expected to close early in the third quarter of 2025. TopBuild’s leadership expresses confidence that entering the commercial roofing market through Progressive Roofing will accelerate growth and expand its building envelope solutions. The combined entity is projected to achieve approximately $5,722 million in net sales and $1,145 million in adjusted EBITDA [1].