Greenwich-Based Company Completes $17 Billion Acquisition

GREENWICH, CT — Greenwich-based building products distributor QXO announced Wednesday it has closed its acquisition of TopBuild Corp. for approximately $17 billion.

TopBuild is the largest distributor and installer of insulation and related building products in North America.

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Headquartered in Greenwich at 5 American Lane, QXO specializes in supplying roofing, waterproofing, and complementary building materials to residential and commercial contractors.

With the acquisition, QXO says it now holds leadership positions in key building product segments in North America, including being No. 1 in insulation and waterproofing, No. 2 in roofing, and No. 1 or 2 in the lumber and building materials sector.

The company also announced that former TopBuild Chairman Alec Covington joined QXO's Board of Directors, effective immediately. Covington replaces Jared Kushner, who resigned from the Board of Directors to focus on other commitments, the company said.

"By acquiring TopBuild, we're broadening our product offering, adding installation capabilities, and expanding our exposure to fast-growing end markets like data centers. 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," said QXO Chairman and CEO Brad Jacobs in an announcement.

"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. I’m grateful to Jared for his significant contributions to the company, and I’m pleased to welcome Alec to the Board."

QXO announced in April that there would be 28,000 employees, 1,150 locations across all 50 U.S. states and seven Canadian provinces, and a fleet size of more than 10,000 vehicles as a result of the TopBuild acquisition.

The deal follows QXO's April acquisition of Kodiak Building Partners, a leading distributor of lumber, trusses and other building materials, for approximately $2.25 billion.

More information on the TopBuild acquisition can be found here.