TopBuild Corp. announced the completion of its $1 billion all-cash acquisition of Specialty Products and Insulation, a premier specialty distributor and fabricator of mechanical insulation solutions. The acquisition, finalized on October 7, was funded with cash on hand, including proceeds from TopBuild’s September senior notes issuance, and excludes SPI’s metal building insulation (MBI) business.

For the twelve months ended June 30, 2025, SPI generated approximately $700 million in revenue and $75 million in EBITDA, representing a transaction multiple of roughly 12.4x EBITDA, or 8.3x EBITDA when factoring in expected synergies and tax benefits. The acquisition is immediately accretive to earnings per share.

Robert Buck, President and CEO of TopBuild, described the acquisition as “highly strategic,” noting that it strengthens TopBuild’s customer value proposition and expands its geographic reach. “SPI’s fabrication capabilities and recurring maintenance revenue enhance our portfolio and support our long-term growth strategy,” said Buck. “We’re thrilled to welcome SPI’s talented team to TopBuild.”

Ray Sears, President and CEO of SPI, expressed enthusiasm about joining forces: “TopBuild is the ideal strategic partner for SPI. Together, we can deliver even greater value through innovative, high-quality solutions. Our shared commitment to safety, respect, and continuous improvement makes this an excellent fit.”Headquartered in Charlotte, N.C., SPI employs roughly 1,000 people across 90 branches throughout North America.

Strategic Benefits of the SPI Acquisition

Strengthens Market Leadership: Combines two top specialty distributors with complementary products and a strong commercial and industrial customer base, with 87 percent of SPI’s revenue derived from these end markets.

Expands Geographic Reach and Capabilities: Enhances TopBuild’s fabrication and distribution footprint across North America, driving operational efficiencies in a fragmented industry.

Increases Recurring Revenue: Approximately 55 percent of SPI’s revenue comes from maintenance and repair, boosting TopBuild’s non-cyclical revenue mix.

Delivers Strong Financial Returns: TopBuild expects to realize $35–$40 million in annual cost synergies within two years. The company has a robust M&A track record, completing 45 acquisitions since 2015 and achieving an 18.2 percent return on invested capital as of December 31, 2024.

TopBuild was advised by Guggenheim Securities, LLC and J.P. Morgan Securities LLC, with Jones Day serving as legal counsel. Piper Sandler acted as financial advisor to SPI, while Kirkland & Ellis provided legal counsel.

Based in Daytona Beach, Florida, TopBuild Corp. is a leading installer of insulation and commercial roofing, as well as a specialty distributor of insulation and building materials throughout the U.S. and Canada. The company operates over 200 installation branches and more than 150 distribution branches. Learn more at topbuild.com. 

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to risks and uncertainties, including those detailed in TopBuild’s SEC filings. The company assumes no obligation to update forward-looking statements except as required by law.