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TopBuild (BLD) investor relations material
TopBuild M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Deal rationale and strategic fit
Acquisition unites two leading specialty distributors, expanding mechanical insulation fabrication capabilities and presence across North America, especially in the Southeast and Northeast U.S.
Enhances offerings in commercial, industrial, and residential end markets, with 87% of acquired revenue from commercial and industrial sectors.
Increases exposure to non-cyclical revenue streams, with up to 55% of acquired revenue from recurring maintenance and repair.
Strengthens value-added fabrication capabilities and supports cross-selling in building envelope and roofing services.
Reinforces leadership in specialty distribution, leveraging a proven M&A strategy and similar organizational cultures.
Financial terms and conditions
All-cash transaction valued at $1 billion, funded with cash on hand and $750 million in senior notes.
SPI generated $700 million in revenue and $75 million EBITDA (10.7% margin) for the trailing 12 months ended June 30, 2025.
Acquisition multiple of 12.4x trailing EBITDA, reduced to 8.3x post-synergies, inclusive of a $70 million tax asset.
Transaction is immediately accretive to EPS and includes $70 million in tax benefits.
Pro forma net debt to adjusted EBITDA is approximately 2.4x.
Synergies and expected cost savings
Expected annual run-rate synergies of $35 million–$40 million within two years, driven by supply chain savings, operational improvements, and optimized asset utilization.
Consistent track record of achieving and exceeding synergy targets through integration and operational excellence.
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