TopBuild's latest acquisition wins approval from Jones Day law firm
**TopBuild Corp. Acquires Progressive Roofing for $810 Million**
TopBuild Corp. (NYSE:BLD), a leading installer and specialty distributor of insulation and related building material products, has announced the acquisition of Progressive Roofing. The all-cash transaction, valued at USD 810 million, marks a significant move for TopBuild in the commercial roofing sector.
Progressive Roofing, a portfolio company of Bow River Capital, specializes in commercial roofing installation services, offering re-roofing, recurring maintenance services, and new construction solutions. The deal was finalized on July 09, 2025, and was funded by proceeds from TopBuild's recently expanded credit facility and cash on hand.
Financially, Progressive Roofing generated $438 million in revenue and $89 million in EBITDA for the trailing 12 months ended March 31, 2025. The acquisition was made at a multiple of 9.1x EBITDA, which drops to 8.6x post-synergies, with expected synergies of $5 million.
Strategically, the acquisition aligns with TopBuild's core strengths by expanding its building envelope installation solutions to include comprehensive commercial roofing services. This move enhances TopBuild's position in the $75 billion commercial roofing sector, which is highly fragmented and largely non-discretionary.
The deal creates a scalable platform for growth, increasing TopBuild's exposure to non-cyclical and non-discretionary revenue streams. Approximately 70% of Progressive Roofing's revenue comes from non-discretionary re-roofing and maintenance services, providing stable earnings.
For commercial customers, the acquisition allows TopBuild to offer a more comprehensive suite of building envelope solutions, including re-roofing, maintenance, and new construction services. This expansion enhances TopBuild's ability to serve a broader range of commercial verticals, such as education, technology, industrial, healthcare, and government.
By integrating Progressive Roofing's services, TopBuild can leverage the company's expertise in commercial roofing to better meet the needs of its general contractor customers. This integration is expected to drive growth and profitability while delivering increased shareholder returns.
The acquisition was advised by international law firm Jones Day, although the query does not confirm this in the provided search results. However, such legal advisories are common in large corporate transactions to ensure compliance and strategic alignment.
Nick Hadden, CEO of Progressive Roofing, expressed excitement about joining forces with TopBuild, an industry leader with a proven track record of growth. Robert Buck, TopBuild's president and CEO, commented that entering the commercial roofing business through the acquisition of Progressive Roofing is a natural next step for TopBuild.
TopBuild anticipates that this acquisition will serve as a significant growth platform, both organically and through future M&A. The deal is expected to close later this year, subject to customary closing conditions.
- TopBuild's acquisition of Progressive Roofing, a renowned player in commercial roofing services, marks a deliberate move towards expanding its business in the sector, adding another string to its bow in the $75 billion real-estate industry.
- The acquisition of Progressive Roofing, a significant player in the commercial roofing industry, will propel TopBuild into a more robust position in the finance sector, providing increased non-discretionary revenue streams and potentially attractive opportunities for investing in real-estate related businesses.
