TopBuild Corp. Acquires Progressive Roofing for $810 Million

Daytona Beach, Florida – TopBuild Corp. Acquires Progressive Roofing for $810 Million

TopBuild Corp., a publicly traded company based in Daytona Beach, Florida, has completed the acquisition of Progressive Roofing, a Phoenix-based commercial roofing business, for $810 million. The all-cash transaction was announced on July 9, 2025, and officially closed on schedule in early Q3 2025.

Progressive Roofing, previously owned by Bow River Capital, a private equity firm in Denver, specializes in commercial roofing installation and maintenance. The company has been a key player in its sector since its establishment in 1978 and currently employs over 1,700 people across 12 branches in the United States. Last year, Progressive generated $438 million in revenue and recorded an EBITDA of $89 million, with approximately 70% of its revenue coming from non-discretionary re-roofing and maintenance services.

Financial Overview

The acquisition is valued at approximately 9.1 times Progressive’s EBITDA for the trailing 12 months and 8.6 times when accounting for anticipated synergies of $5 million. TopBuild has funded the transaction using a combination of its recently expanded credit facility and available cash reserves.

Strategic Objectives

TopBuild expects that the acquisition will be immediately accretive to adjusted earnings per share, marking a significant strategic move to strengthen its position in the commercial roofing sector. The commercial roofing market, currently estimated at $75 billion, remains highly fragmented, offering a landscape ripe for further expansion through both organic growth and additional mergers and acquisitions.

With over 200 installation branches across the U.S., TopBuild plans to leverage its extensive network to enhance service delivery and market penetration, particularly in the commercial roofing segment. The acquisition of Progressive Roofing is expected to bolster TopBuild’s capacity to provide comprehensive building envelope solutions to a wide array of commercial clients, including sectors such as education, healthcare, and government.

Looking Ahead

TopBuild’s CEO, Robert Buck, emphasized the importance of this acquisition as a foundational step towards establishing a platform for continued organic growth as well as future M&A opportunities in the commercial roofing market. By integrating Progressive Roofing’s operations, TopBuild aims to improve its service offerings and respond to the increasing demand for high-quality roofing installations and maintenance.

Background Context

Founded in 1978, Progressive Roofing has built a formidable reputation within the commercial roofing sector. The company’s focus on both installation and maintenance services has resulted in a reliable revenue stream primarily driven by essential re-roofing work. The acquisition underscores TopBuild’s commitment to becoming a leader in the construction industry by expanding its capabilities and service offerings across various markets.