M&A Deal Summary

TopBuild Acquires Progressive Roofing

On July 8, 2025, TopBuild acquired construction company Progressive Roofing from Bow River Capital for 810M USD

Acquisition Highlights
  • This is TopBuild’s 9th transaction in the Construction sector.
  • This is TopBuild’s 3rd largest (disclosed) transaction.
  • This is TopBuild’s 30th transaction in the United States.
  • This is TopBuild’s 2nd transaction in Arizona.

M&A Deal Summary

Date 2025-07-08
Target Progressive Roofing
Sector Construction
Buyer(s) TopBuild
Sellers(s) Bow River Capital
Deal Type Add-on Acquisition
Deal Value 810M USD
Advisor(s) Guggenheim Securities (Financial)
Brownstein (Legal)

Target

Progressive Roofing

Phoenix, Arizona, United States
Progressive Roofing is a full-service commercial roofing business providing re-roofing, new construction, service, and emergency repair solutions to customers across the education, government, industrial, healthcare, hospitality, and retail landscape. Progressive Roofing was founded in 1948 and is based in Phoenix, Arizona.

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Buyer(S) 1

Buyer

TopBuild

Daytona Beach, Florida, United States

Category Company
Founded 2015
Sector Construction
Employees13,984
Revenue 5.3B USD (2024)
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. TopBuild was founded in 2015 and is based in Daytona Beach, Florida.


DEAL STATS #
Overall 30 of 34
Sector: Construction M&A 9 of 9
Type: Add-on Acquisition M&A Deals 30 of 34
State: Arizona M&A 2 of 2
Country: United States M&A 30 of 34
Year: 2025 M&A 2 of 6
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-04 Seal-Rite Insulation

Omaha, Nebraska, United States

Seal-Rite Insulation is family-owned and has been providing insulation solutions for homes. Seal-Rite Insulation is based in Omaha, Nebraska.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-08 Specialty Products & Insulation

Charlotte, North Carolina, United States

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. Specialty Products & Insulation was founded in 1982 and is based in Charlotte, North Carolina.

Buy $1.0B

Seller(S) 1

SELLER

Bow River Capital

Denver, Colorado, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 4.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Bow River Capital is a private equity firm that provides equity capital and mezzanine debt to high growth companies. The Firm targets businesses generating sales of $25 and $200 million and EBITDA of $3 to $50 million. Bow River will consider investments throughout the US and Canada, however, the Firm's primary focus is on opportunities in the Rocky Mountain and Western regions of the US and Canada. Target industries include manufacturing, distribution, transportation, business and consumer services, financial services, natural resources and real estate. The Firm will consider both control and minority positions. Bow River Capital was established in 2003 and is based in Denver, Colorado.


DEAL STATS #
Overall 25 of 25
Sector: Construction M&A 1 of 1
Type: Add-on Acquisition M&A Deals 11 of 11
State: Arizona M&A 3 of 3
Country: United States M&A 22 of 22
Year: 2025 M&A 2 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-09 Kivu Consulting

San Francisco, California, United States

Kivu Consulting is a cybersecurity consulting firm providing the incident response, risk management, and cyber forensics investigation services to companies and organizations worldwide. The Company provides digital forensics investigations and helps companies assess their preparedness for digital intrusions. Kivu Consulting was founded in 2009 and is based in San Francisco, California.

Sell -