secwatch.observer — SEC 8-K summary
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Issuer:     TopBuild Corp (BLD)
CIK:        0001633931
Form:       8-K
Filed at:   2023-07-28T23:59:59+00:00
Accession:  0001558370-23-012451
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TopBuild to acquire Specialty Products & Insulation for $960M all-cash; funds with $550M term loan
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- All-cash transaction valued at $960 million; SPI generated $703M revenue and $77M adjusted EBITDA (TTM 3/31/23).
- TopBuild funds acquisition with new $550M Term Loan A and cash on hand; net debt to pro forma EBITDA ~2.0x.
- Anticipates $35-40M annual run-rate cost synergies within two years of close.
- Acquisition expected to add $90M tax asset; SPI operates 89 branches across U.S. and Canada.
- Transaction subject to HSR waiting period and customary closing conditions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1633931/000155837023012451/0001558370-23-012451-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1633931/000155837023012451/bld-20230726x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-012451

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer