QXO has closed its previously announced acquisition of TopBuild Corp. The $17 billion transaction continues QXO’s acquisition spree and expands both the scale and capabilities across the building products value chain.
Following the TopBuild acquisition, QXO now holds leading market positions in North America in insulation, roofing, waterproofing, lumber, and building materials product categories, according to the company.
“By acquiring TopBuild, we’re broadening our product offering, adding installation capabilities, and expanding our exposure to fast-growing end markets like data centers,” said QXO chairman and CEO Brad Jacobs. “By 2030, we expect to generate at least $300 million in annual synergies largely from procurement, pricing, and cross-selling, while applying TopBuild’s operational excellence across QXO. The transaction is expected to be highly accretive to earnings and advance our plan to build a world-class company with $50 billion in revenue.”
In QXO’s recent first quarter earnings report, the company generated net sales of $1.73 billion and an adjusted net loss of $57.2 million, or $0.12 per share. Following the close of the first quarter, ended March 31, QXO announced the closure of its $2.25 billion acquisition of Kodiak Building Partners.
Since Jacobs founded QXO in 2023, the company has completed the multi-billion dollar acquisitions of Beacon Roofing Supply, Kodiak Building Parnters, and TopBuild.
“Beacon brought us scale in roofing and waterproofing distribution, and Kodiak expanded our reach into lumber and general contractor channels,” QXO shared as part of an investor Q&A posted to its website in May. “Now, TopBuild brings a best-in-class presence in the insulation space, with well-run installation and distribution operations, installed labor and crew management, scheduling expertise, strong on-time job completion record performance, and deep contractual relationships.”
In the same investor Q&A, QXO said its operational focus had shifted from M&A execution to integration, while noting that does not mean it will step away from M&A activity.
In addition to the closure of the TopBuild deal, QXO announced that Alec Covington, TopBuild’s former chairman, has joined the QXO board of directors, replacing Jared Kushner. Kushner resigned from his role to focus on other commitments, according to QXO.
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