TopBuild (NYSE: BLD) to acquire Progressive Roofing for $810 million in cash

TopBuild Corp. (NYSE: BLD) announced it has entered into an agreement to acquire Progressive Roofing for $810 million in cash, according to a press release statement. The transaction represents approximately 9.1x Progressive’s trailing twelve months EBITDA ended March 31, 2025.

Progressive Roofing, founded in 1978, is a commercial roofing installation services company based in Phoenix. The company generated $438 million in revenue and $89 million in EBITDA for the trailing 12 months ended March 31, 2025. Progressive employs more than 1,700 people across 12 branches.

Approximately 70% of Progressive’s revenue comes from re-roofing and maintenance services, while 30% derives from new construction. The company serves commercial sectors including education, technology, industrial, healthcare and government.

“Entering the large and growing Commercial Roofing business through the acquisition of Progressive Roofing is a natural next step for TopBuild,” said Robert Buck, TopBuild’s President and Chief Executive Officer.

The transaction will be funded through TopBuild’s recently expanded credit facility and cash on hand. The company expects the deal to close early in the third quarter of 2025, subject to regulatory approvals and customary closing conditions.

Pro forma net debt to adjusted EBITDA for the first quarter of 2025 is approximately 1.6x following the acquisition. TopBuild stated the transaction is expected to be immediately accretive to adjusted earnings per share.

Progressive Roofing is a portfolio company of Bow River Capital. TopBuild, headquartered in Daytona Beach, Florida, is an installer and specialty distributor of insulation and building materials to the construction industry in the United States and Canada.