Billionaire Brad Jacobs’ fast-growing building materials platform QXO announced on Sunday that it has agreed to acquire TopBuild in a deal valued at approximately $17 billion, marking the company’s largest acquisition yet and significantly expanding its footprint across the building products supply chain.
If completed, the transaction would transform QXO into one of the largest publicly traded building products distributors in North America, with more than $18 billion in combined revenue and over $2 billion in combined adjusted EBITDA, the company says.
QXO said the deal is expected to be immediately and substantially accretive to earnings, and is anticipated to close in Q3 2026, pending shareholder approval and other customary conditions. The acquisition would give QXO a commanding position in the insulation market while strengthening its broader distribution platform across roofing, waterproofing, and lumber-related building materials.
TopBuild, headquartered in Daytona Beach, Florida, is the largest distributor and installer of insulation and related building products in North America. The TopBuild installs and distributes insulation used in homebuilding, commercial building, and industrial building—including materials used in walls, attics, floors, and roofing assemblies. Its offerings also extend to complementary products such as gutters, fireproofing, and mechanical insulation, as well as specialized roofing systems used in large-scale structures like stadiums, airports, and warehouses. TopBuild operates more than 450 locations across the United States and Canada and has built a reputation for strong operational execution. TopBuild generated about $6.2 billion in net sales and roughly $1.14 billion in adjusted EBITDA in 2025, while maintaining industry-leading margins.
For QXO, the acquisition adds a major installation platform to its expanding distribution network—one that management believes will unlock cross-selling opportunities and operational efficiencies across the combined business.
Brad Jacobs’ acquisition-driven vision
The deal also underscores the ambitious growth strategy that Jacobs laid out early in the creation of QXO. When speaking with ResiClub in October 2023, Jacobs described his plan to build a massive building products distributor largely through acquisitions, emphasizing the advantages of scale in a fragmented industry.
“I’m going to build a large building products distributor… I’ve started seven companies that all became billion or multi-billion dollar companies… I want the advantage of size, economies of scale. I want to be able to lower costs.”
“There are $20 and $30 billion dollar players already. Builders FirstSource, you got Ferguson. Great companies, real fine companies. But I’m planning to do something larger than that.”
“Primarily through acquisitions [is how I plan to build it]. If you look at my background, the teams I’ve led have done 500 acquisitions. M&A [mergers and acquisitions] is a tool in my toolkit I’ve used quite a bit. I think there’s a lot of room for creative M&A in the building products distribution space. The market is highly fragmented. You have 7,000 distributors here in North America, and almost twice that 13,000 in Europe. Most of them are private.”
A growing acquisition spree
Since launching QXO, Jacobs has moved quickly to execute the acquisition playbook that helped him build billion-dollar firms like United Rentals, XPO Logistics, and GXO Logistics.
In March 2025, QXO agreed to acquire Beacon Building Products in an $11 billion transaction that dramatically expanded its presence in roofing distribution.
More recently, in February 2026, QXO announced it had agreed to acquire Kodiak Building Partners, a distributor of lumber, trusses, and other building materials, for about $2.25 billion.
Bottom line: If the TopBuild acquisition closes as planned, it would represent the QXO’s most significant move yet—bringing insulation distribution and installation into QXO’s portfolio and further cementing Jacobs’ effort to assemble a building products juggernaut through aggressive consolidation of the industry.