{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-097711","form_type":"8-K","ticker":"BLD","cik":"0001633931","company_name":"TopBuild Corp","filed_at":"2025-10-08T23:59:59+00:00","discovered_at":"2026-05-14T18:02:39.993588+00:00","generated_at":"2026-05-17T04:19:15.795426+00:00","sec_items":["8.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"TopBuild completes $1B all-cash acquisition of Specialty Products & Insulation","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-097711","json":"https://secwatch.observer/filing/0001104659-25-097711.json","markdown":"https://secwatch.observer/filing/0001104659-25-097711.md","text":"https://secwatch.observer/filing/0001104659-25-097711.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1633931/000110465925097711/0001104659-25-097711-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1633931/000110465925097711/bld-20251008x8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T04:19:15.795426+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}