---
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"
generated_at: "2026-05-17T04:19:15.795426+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-097711
- JSON: https://secwatch.observer/filing/0001104659-25-097711.json
- Plain text: https://secwatch.observer/filing/0001104659-25-097711.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.