TopBuild Corp., an installer and distributor of insulation and building materials, has entered into a definitive agreement to acquire Progressive Roofing, a portfolio company of Bow River Capital, for $810 million in cash.
The deal, unveiled July 8, positions TopBuild to expand into the commercial roofing installation market, a $75 billion, highly fragmented sector—while adding immediate scale and recurring revenue streams to its business, the company said. The transaction is expected to close in the early third quarter of 2025.
Progressive Roofing, based in Phoenix, generated $438 million in revenue and $89 million in EBITDA for the trailing 12 months ended March 31.
“This acquisition is a natural next step for TopBuild as we enter the large and growing commercial roofing sector,” said Robert Buck, president and CEO. “Progressive is one of the largest commercial roofing installers in the U.S., and this transaction enables us to provide our commercial customers with more comprehensive building envelope installation solutions.”
Progressive Roofing was founded in 1978 and operates 12 branches across the U.S., employing more than 1,700 people. The company’s services include re-roofing, recurring maintenance, and new construction, with about 70% of its revenue coming from non-discretionary re-roofing and maintenance work. Its customer base spans education, healthcare, industrial, technology, and government sectors.
Nick Hadden, CEO of Progressive Roofing, said the company is aligned with TopBuild’s business model and long-term growth strategy. “Our customer-centric approach, employee focus, and commitment to safety are closely aligned with TopBuild’s core strengths,” Hadden said in a press release. “We believe this partnership will accelerate our growth and enable us to deliver even more value to our customers.”
TopBuild said the acquisition will be immediately accretive to adjusted earnings per share and will be funded through a combination of cash on hand and its recently expanded credit facility.
The acquisition also advances several strategic objectives for TopBuild: expanding its building envelope solutions for commercial contractors, increasing exposure to non-cyclical revenue, and creating a scalable platform for future acquisitions in a fragmented market. The company highlighted Progressive’s decentralized branch model, investment in data-driven technology, and alignment in safety and culture as key strengths.
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