M&A Deal Summary

TopBuild Acquires Specialty Products & Insulation

On July 27, 2023, TopBuild acquired distribution company Specialty Products & Insulation from Incline Equity Partners for 960M USD

Acquisition Highlights
  • This is TopBuild’s 3rd transaction in the Distribution sector.
  • This is TopBuild’s 2nd largest (disclosed) transaction.
  • This is TopBuild’s 25th transaction in the United States.
  • This is TopBuild’s 1st transaction in North Carolina.

M&A Deal Summary

Date 2023-07-27
Target Specialty Products & Insulation
Sector Distribution
Buyer(s) TopBuild
Sellers(s) Incline Equity Partners
Deal Type Add-on Acquisition
Deal Value 960M USD
Advisor(s) Piper Sandler & Co. (Financial)
Kirkland & Ellis (Legal)

Target

Specialty Products & Insulation

Charlotte, North Carolina, United States
website
Specialty Products & Insulation is a value-added distributor and fabricator of insulation and complementary products for the commercial, industrial and residential markets. SPI's products help conserve energy, preserve worker safety, and provide noise abatement. The Company currently operates 59 distribution branches and 16 co-located fabrication facilities and sells to over 3,500 contractors in the U.S. and Canada. Specialty Products & Insulation was founded in 1982 and is based in Charlotte, North Carolina.

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Buyer(S) 1

Buyer

TopBuild

Daytona Beach, Florida, United States

website


Category Company
Founded 2015
Sector Construction
Employees10,540
Revenue 5.0B USD (2022)
DESCRIPTION
Entrance to TopBuild's headquarters in Daytona Beach, Florida.
Entrance to TopBuild's headquarters in Daytona Beach, Florida.

TopBuild is a provider of construction and installation services for the residential and commercial building industries. TopBuild offers a comprehensive range of solutions, including insulation, waterproofing, fireproofing, and installation services for a variety of building components. Leveraging its expertise and network of trained professionals, the Company delivers solutions that enhance building performance and sustainability. TopBuild was founded in 2015 and is based in Daytona Beach, Florida.


DEAL STATS #
Overall 25 of 26
Sector (Distribution) 3 of 4
Type (Add-on Acquisition) 25 of 26
State (North Carolina) 1 of 1
Country (United States) 25 of 26
Year (2023) 2 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-26 SRI Holdings

Atlanta, Georgia, United States

SRI Holdings is an installer of insulation, fireplaces, garage doors, gutters, and specialty building products and provides installed services in Atlanta, Georgia; Augusta, Georgia; Savannah, Georgia; Charleston, South Carolina; and Columbia, South Carolina. SRI Holdings is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-01 Pest Control Insulation

United States

Pest Control Insulation is a specialty distribution company focused on blended, customized insulation products, accessories, and equipment for sale exclusively to the pest control industry.

Buy -

Seller(S) 1

SELLER

Incline Equity Partners

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1982
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Incline Equity Partners is a private equity firm focused on lower middle-market growth companies. The Firm targets companies located in the US and Canada with enterprise values ranging from $25 to $750 million. Prospective transaction types include buyouts, minority recapitalizations, and corporate divestitures. Incline Equity Partners was formerly known as PNC Equity Partners. The Firm is based in Pittsburgh.


DEAL STATS #
Overall 39 of 40
Sector (Distribution) 5 of 5
Type (Add-on Acquisition) 12 of 12
State (North Carolina) 3 of 3
Country (United States) 38 of 39
Year (2023) 1 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-25 Cosmetic Skin & Laser Center

Petoskey, Michigan, United States

Cosmetic Skin & Laser Center is a multi-location aesthetic medical practice, providing aesthetic procedures such as cosmetic injectables, skin rejuvenation & tightening and body contouring & liposuction, to patients in Northern Michigan and Southwest Florida. Cosmetic Skin & Laser Center was founded in 2001 and is based in Petoskey, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-13 Foundation Source

Fairfield, Connecticut, United States

Foundation Source is a provider of comprehensive support services for private foundations. Foundation Source complete outsourced solutions include foundation creation (as needed), administrative support, active compliance monitoring, philanthropic advisory, tax, and legal expertise, and online foundation management tools. Foundation Source provides its services to more than 1,600 family, corporate, and professionally staffed foundations, of all sizes, nationwide. Foundation Source was founded in 2001 and is based in Fairfield, Connecticut.

Sell -