US: Building products installation and distribution company TopBuild acquired insulation producer and distributor Specialty Products and Insulation (SPI) on 7 October 2025. TopBuild paid US$1bn, partly using the proceeds of a senior notes issuance in September 2025. The acquisition excludes SPI's metal building insulation business.
SPI recorded US$700m in sales and US$75m in earnings in the 12-month period up to 30 June 2025. It employs 1000 people across 90 sites.
SPI President and CEO Ray Sears said "TopBuild is the best strategic owner for our business, better positioning the combined organisation to provide customers with innovative and high-quality solutions."
TopBuild President and CEO of Robert Buck said "The transaction drives our growth in non-cyclical revenue streams, given that approximately 55% of SPI's revenue relates to recurring maintenance and repair."
