Description
TopBuild’s SPI Acquisition: A $1 Billion Bet That Could Double Market Share!
TopBuild Corp., a leading installer and distributor of insulation and building products, has been aggressively reshaping its portfolio through M&A activity. On October 7, 2025, it closed the $1 billion all-cash acquisition of Specialty Products and Insulation (SPI), a prominent mechanical insulation distributor and fabricator serving the commercial, industrial, and residential sectors in North America. Funded through cash on hand and the proceeds from a $750 million senior notes issuance in September, the transaction excludes SPI’s metal building insulation (MBI) unit and reflects TopBuild’s push to deepen its presence in higher-margin, non-residential markets. SPI brings a network of 90 branches, 1,000 employees, and trailing twelve-month (TTM) revenue and EBITDA of $700 million and $75 million, respectively. The deal values SPI at 12.4x EBITDA (inclusive of a $70 million tax asset), falling to 8.3x post-synergies. As TopBuild accelerates into commercial and industrial markets, the SPI acquisition presents multiple synergy levers that could reshape its growth trajectory.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures
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