Keith Hughes

Kenneth Zener

Stephen Kim

Susan Maklari

Michael Rehaut

Philip Ng

Rafe Jadrosich

Adam Baumgarten

Collin Verron

Reuben Garner

Aatish Shah

Atish

Garik Shmois

Jeffrey Stevenson

Kurt Yinger

Margaret Grady

Shaun Calnan

Trey Grooms

- TopBuild has acquired Specialty Products and Insulation (SPI) in an **all-cash transaction valued at $1 billion**, which closed on **October 7, 2025**.  **[0001633931_2172300:0]** **[0001633931_2172300:2]** **[0001633931_2172300:4]** 
- The acquisition is expected to generate **$35 million to $40 million** in annual run-rate cost synergies within two years and is immediately accretive to EPS.  **[0001633931_2172300:2]** **[0001633931_2172300:4]** 
- SPI, a leading specialty distributor and fabricator of mechanical insulation solutions, reported revenue of **~$700 million** and EBITDA of **$75 million** as of June 30, 2025.  **[0001633931_2172300:4]** 
- The acquisition was funded by cash on hand and proceeds from a **$750 million** senior notes issuance in September.  **[0001633931_2172300:4]** **[0001633931_2172300:6]**

TopBuild Acquires Specialty Products and Insulation

- TopBuild (BLD) completed the **$1 billion all-cash acquisition** of Specialty Products and Insulation (SPI) on **October 7**.  **[0001633931_2172398_0]** **[0001633931_2172398_1]** **[0001633931_2172398_3]** 
- SPI, a leading specialty distributor and fabricator of mechanical insulation solutions, reported **$700 million in revenue** and **$75 million in EBITDA** for the trailing twelve months ended June 30, 2025.  **[0001633931_2172398_1]** **[0001633931_2172398_3]** 
- The acquisition multiple was **12.4 times trailing twelve months EBITDA**, expected to reduce to **8.3 times post-synergies** with anticipated **$35 to $40 million in annual run-rate synergies** within two years.  **[0001633931_2172398_1]** **[0001633931_2172398_3]** 
- The transaction was funded by **cash on hand**, including **$750 million from a September senior notes issuance**, resulting in a pro forma net debt to adjusted EBITDA of approximately **2.4 times** as of June 30, 2025.  **[0001633931_2172398_3]** 
- The acquisition increases TopBuild's pro forma total revenue to **$6.4 billion** for the trailing twelve months ended June 30, 2025, and enhances revenue resiliency by increasing non-cyclical revenue to approximately **22% of total sales**.  **[0001633931_2172398_1]** **[0001633931_2172398_3]**

TopBuild Completes $1 Billion Acquisition of Specialty Products and Insulation

- TopBuild Corp. completed the acquisition of Specialty Products and Insulation (SPI) for **$1.0 billion** in cash on **October 7, 2025**, funded by cash on hand and proceeds from a September senior notes issuance.  **[1633931_47903d0907414ba0a9a2a5f712ae8a5d_0]** 
- SPI generated approximately **$700 million** in revenue and **$75 million** in EBITDA for the trailing twelve months ended June 30, 2025, with the transaction multiple at **12.4x** EBITDA, or **8.3x** considering **$35-$40 million** in annual run-rate cost synergies.  **[1633931_47903d0907414ba0a9a2a5f712ae8a5d_0]** 
- The acquisition is immediately accretive to earnings per share and enhances TopBuild's leadership in specialty distribution, expands its geographic footprint, and increases its non-cyclical revenue mix, as approximately **55%** of SPI's revenue is from recurring maintenance and repair.  **[1633931_47903d0907414ba0a9a2a5f712ae8a5d_0]** **[1633931_47903d0907414ba0a9a2a5f712ae8a5d_1]** 
- On a pro forma combined basis for the trailing twelve months ended June 30, 2025, net sales are **$6,385 million** and adjusted EBITDA is **$1,208 million**, resulting in a net debt leverage of **2.4x**.  **[1633931_47903d0907414ba0a9a2a5f712ae8a5d_3]**

- TopBuild Corp. (BLD) filed a Form 8-K on **September 25, 2025**, detailing an Indenture for **5.625% Senior Notes due 2034**.  **[1633931_0001104659-25-093335_bld-20250925x8k.htm:0]** **[1633931_0001104659-25-093335_bld-20250925xex4d1.htm:0]** **[1633931_0001104659-25-093335_bld-20250925x8k.htm:4]** **[1633931_0001104659-25-093335_bld-20250925xex4d1.htm:115]** 
- The Notes have a payment date of **January 31, 2034**, with interest payable on January 31 and July 31, commencing July 31, 2026.  **[1633931_0001104659-25-093335_bld-20250925xex4d1.htm:115]** 
- The Issuer may redeem the Notes on or after **September 30, 2028**, at redemption prices of **102.813% in 2028**, **101.406% in 2029**, and **100.000% in 2030 and thereafter**.  **[1633931_0001104659-25-093335_bld-20250925xex4d1.htm:118]** 
- There will be **no mandatory redemption** or sinking fund payments for these Notes.  **[1633931_0001104659-25-093335_bld-20250925xex4d1.htm:119]**

TopBuild Corp. announces 5.625% Senior Notes due 2034

- TopBuild Corp. (NYSE:BLD) announced the pricing of a private offering of **$750.0 million** aggregate principal amount of senior notes due **2034**.  **[1633931_06edaa09068d4d718fed465d3f0a8e22_0]** 
- The notes will bear an interest rate of **5.625%**.  **[1633931_06edaa09068d4d718fed465d3f0a8e22_0]** 
- The company intends to use the net proceeds for **general corporate purposes**, which may include **acquisitions**.  **[1633931_06edaa09068d4d718fed465d3f0a8e22_0]** 
- The offering is expected to close on **September 25, 2025**.  **[1633931_06edaa09068d4d718fed465d3f0a8e22_0]**

TopBuild Prices Senior Notes Offering

- TopBuild Corp. announced a private offering of **$750.0 million** aggregate principal amount of senior notes due **2034** on September 15, 2025.  **[1633931_0001104659-25-089771_bld-20250915xex99d1.htm:0]** **[1633931_0001104659-25-089771_bld-20250915x8k.htm:1]** 
- The net proceeds from the sale of these notes are intended for **general corporate purposes**, which may include **acquisitions**.  **[1633931_0001104659-25-089771_bld-20250915xex99d1.htm:0]** 
- The notes will be guaranteed, on an unsecured senior basis, by TopBuild’s direct and indirect wholly owned domestic subsidiaries that are borrowers or guarantors under the Company’s credit agreement.  **[1633931_0001104659-25-089771_bld-20250915xex99d1.htm:0]** 
- The offering is subject to market and other conditions, and there is no assurance that it will be completed or as to its final terms.  **[1633931_0001104659-25-089771_bld-20250915xex99d1.htm:0]**

TopBuild Announces Senior Notes Offering

- TopBuild Corp. announced a private offering of **$750.0 million aggregate principal amount of senior notes due 2034**.  **[1633931_453834afd76f49d784db4b982ae6df51_0]** 
- The notes are being offered to qualified institutional buyers and certain non-U.S. persons.  **[1633931_453834afd76f49d784db4b982ae6df51_0]** 
- The company intends to use the net proceeds from the sale of the notes for **general corporate purposes, which may include acquisitions**.  **[1633931_453834afd76f49d784db4b982ae6df51_0]** 
- The notes will be **guaranteed on an unsecured senior basis** by TopBuild’s direct and indirect wholly-owned domestic subsidiaries that are borrowers or guarantors under its credit agreement.  **[1633931_453834afd76f49d784db4b982ae6df51_0]**