TopBuild Corp (NYSE:BLD) has completed the $1 billion acquisition of Specialty Products and Insulation (SPI) in an all-cash transaction aimed at strengthening its specialty distribution business and expanding its footprint in the commercial and industrial markets.
The deal, which closed on October 7, was financed entirely with cash on hand, including proceeds from a senior notes offering in September. The transaction does not include SPI’s metal building insulation division.
SPI reported roughly $700 million in revenue and $75 million in EBITDA for the twelve months ended June 30, 2025. The purchase price equates to about 12.4 times EBITDA, or 8.3 times after factoring in expected synergies of $35–$40 million anticipated within two years. TopBuild expects the deal to be immediately accretive to earnings per share.
“The SPI acquisition is highly strategic for TopBuild,” said Robert Buck, President and CEO of TopBuild. “The addition of SPI’s resources and capabilities further enhances our customer value proposition while its complementary fabrication footprint strengthens and expands our presence across North America.”
Ray Sears, President and CEO of SPI, added, “We believe TopBuild is the best strategic owner for our business, better positioning the combined organization to provide customers with innovative and high-quality solutions.”
The acquisition supports TopBuild’s long-term growth strategy by combining two market leaders with complementary product portfolios, expanding mechanical insulation fabrication capabilities, broadening its North American reach, and improving the company’s mix of non-cyclical revenue streams.
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