TopBuild Corp. (BLD)

TopBuild Corp. installed and distributed insulation and related building products in the United States and Canada. It was incorporated as Masco SpinCo Corp. and became an independent public company when Masco Corporation spun it off on June 30, 2015. The company changed its name to TopBuild in 2015 and was headquartered in Daytona Beach, Florida. Its shares were listed on the New York Stock Exchange under the symbol BLD.

The company operated through two segments, Installation and Specialty Distribution. The Installation segment, known through brands such as TruTeam, installed insulation and other building products for homebuilders, commercial contractors and remodelers. The Specialty Distribution segment, associated with the Service Partners name, distributed insulation, gutters, fireproofing, garage doors and related products to contractors.

TopBuild grew largely through acquisitions of regional installers and distributors, which the company used to expand its branch network. It acquired Specialty Products & Insulation, a distributor, and in 2025 acquired Progressive Roofing, extending into commercial roofing. At the time of the merger, it operated roughly 235 installation branches and 175 distribution centers across North America.

The company also provided supporting services for builders, such as plan assessments, diagnostic testing, inspection services and home energy ratings. These services were tied to the energy efficiency and building science aspects of residential construction.

QXO, Inc. is a building products distribution company led by Brad Jacobs, which expanded into the sector through major acquisitions including Beacon Roofing Supply. In 2026 it agreed to acquire TopBuild. Under the merger agreement, TopBuild shareholders could elect to receive $505 in cash or 20.2 QXO shares for each TopBuild share, subject to proration.

Because about 91 percent of shares elected cash, shareholders who elected cash received approximately $250 in cash plus 10.212 QXO shares per TopBuild share. The merger closed on July 1, 2026, and TopBuild stock was suspended from trading on the NYSE before the open that day.

TopBuild became a wholly owned subsidiary of QXO, and its legal entity was renamed QXO Insulation, LLC. All TopBuild directors and executive officers left their roles at the effective time. In connection with the closing, QXO retired TopBuild's legacy debt through tender offers and redemptions of its senior notes, and TopBuild and its subsidiaries became guarantors of QXO's new financing.