TopBuild completes $1B all-cash acquisition of Specialty Products & Insulation

TopBuild Corp

Acquired SPI for $1.0B in cash; funded with cash on hand and September senior notes proceeds.
SPI generated ~$700M revenue and $75M EBITDA (TTM ended June 30, 2025); multiple ~12.4x EBITDA.
Expects $35-40M annual run-rate cost synergies within two years, reducing effective multiple to 8.3x.
55% of SPI revenue from recurring maintenance/repair, improving non-cyclical revenue mix.
Transaction immediately accretive to EPS; TopBuild has completed 45 acquisitions since 2015 spin-off.

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