TopBuild to Acquire Progressive Roofing for $810 Million Cash to Expand Market Reach

Stocktwits – July 11, 2025 – 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 (NYSE:PGR) 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. BLD sentiment and message volume as of July 9 | Source: StocktwitsA user called the deal a "bold bet."

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.

Published by Spray Foam Magazine

SprayFoam / Spray Foam Insulation