TopBuild Dips on Buying Progressive Roofing
TopBuild Corp. (NYSE:BLD) announced today that it has successfully completed its previously-announced acquisition of Progressive Roofing, a portfolio company of Bow River Capital, in an all-cash transaction valued at $810 million.
CEO Robert Buck said, “We want to extend a warm welcome to the Progressive Roofing team. We are excited to establish a new platform for organic and M&A growth in the large and highly complementary commercial roofing services sector.
“The acquisition not only enables us to provide commercial customers with a comprehensive suite of building envelope solutions but also increases our revenue exposure to non-discretionary revenue demand drivers. Progressive Roofing represents a great opportunity for us to further drive growth and profitability, in turn delivering increased shareholder returns.”
Progressive generated $438 million in revenue and $89 million in EBITDA for the trailing 12 months ended March 31, 2025. Approximately 70% of the company’s revenue is related to non-discretionary re-roofing and maintenance, while approximately 30% is from new construction. Based in Phoenix, Progressive employs more than 1,700 people across 12 branches.
TopBuild, headquartered in Daytona Beach, Florida, claims to be a leading installer of insulation and commercial roofing and is also a specialty distributor of insulation and related building material products to the construction industry in the United States and Canada.
BLD shares tumbled $4.01, or 1.1%, to $370.32.
