TopBuild Rises On Entry Into Roofing Business With $810M Progressive Acquisition

Progressive generated $438 million in revenue and $89 million in EBITDA in the 12 months through March.
A team of men install watreproofing material and shingles to create a new roof on a rural building. (Source: GettyImages)
A team of men install watreproofing material and shingles to create a new roof on a rural building. (Source: GettyImages)
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Yuvraj Malik·Stocktwits
Published Jul 09, 2025 | 3:50 AM GMT-04
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TopBuild Corp (BLD) shares rose nearly 4% on Tuesday after it signed a deal to acquire Progressive Roofing for $810 million in cash.

TopBuild sells and installs insulation, including fiberglass batts and spray foam, that help keep buildings warm in winter and cool in summer. The Progressive deal marks its entry into the adjacent roofing services market.

"Entering the large and growing Commercial Roofing business through the acquisition of Progressive Roofing is a natural next step for TopBuild," CEO Robert Buck said.

"In addition to increasing our revenue exposure to non-discretionary demand drivers, we anticipate that this acquisition will serve as a significant growth platform, both organically as well as through future M&A."

Progressive generated $438 million in revenue and $89 million in EBITDA in the 12 months through March, according to TopBuild. It added that commercial roofing offers a total addressable market of $75 billion.

On Stocktwits, retail sentiment for TopBuild remained 'neutral,' unchanged from a week ago. BLD shares are up 13.2% year-to-date.

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BLD sentiment and message volume as of July 9 | Source: Stocktwits

A user called the deal a "bold bet."

https://stocktwits.com/Rage_Against_The_Machine/message/620155403 

TopBuild said it plans to fund the acquisition, slated to close in the third quarter, with cash on hand and proceeds from a recently expanded credit facility.

Asset manager Bow River Capital owns Progressive Roofing and recapitalized the firm in 2021.

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