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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.
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M&A Announcement summary8 Oct, 2025

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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Frequently asked questions

TopBuild Corp installs and distributes insulation and building materials to residential, commercial, and industrial construction markets. The company operates through two segments: installation services and specialty distribution, serving contractors, builders, and homeowners. The company is headquartered in Daytona Beach, Florida, and its shares are listed on the NYSE.

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