TopBuild Corp
TopBuild Corp. Completes Acquisition of SPI LLC in $1 Billion Deal
Summary
TopBuild Corp. has completed the acquisition of SPI LLC, a leading specialty distributor and fabricator of mechanical insulation solutions, for $1.0 billion in cash. The acquisition, which closed on October 7, 2025, is expected to bring approximately $35 to $40 million in annual run-rate cost synergies within two years and is immediately accretive to earnings per share. SPI, which generates about $700 million in revenue and $75 million in EBITDA, complements TopBuild's operations and expands its geographic footprint. The transaction was funded with cash on hand and proceeds from a recent senior notes issuance.
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About TopBuild Corp
TopBuild Corp is a leading installer and distributor of insulation and building material products. Its primary function revolves around providing essential products for new residential, commercial construction, and remodeling projects. TopBuild operates through two main segments, Installation and Distribution, which offer a comprehensive range of insulation materials and other building products such as gutters and paint. The company plays a pivotal role in the construction and building materials sector, impacting various industries including housing, commercial real estate, and infrastructure development. The market significance of TopBuild Corp lies in its nationwide network that supplies materials critical to the construction industry’s energy efficiency and safety standards. By maintaining strong relationships with leading manufacturers and offering value-added services, TopBuild enhances its market reach and customer satisfaction. With strategic acquisitions and a focus on sustainability, the company strengthens its competitive edge, enabling it to adapt to market demands and regulatory changes effectively. Headquartered in Daytona Beach, Florida, TopBuild continues to contribute to the advancement of building technologies and solutions, thereby supporting the growth of sustainable building practices across the United States.
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