Bow River Capital Completes the Sale of Progressive Roofing to TopBuild Corp.
TopBuild Corp. (NYSE: BLD) has acquired Progressive Roofing from Bow River Capital in an all-cash transaction valued at $810 million. Progressive Roofing, headquartered in Phoenix, Arizona, is a leading commercial roofing services provider specializing in re-roofing, maintenance, and new construction across various sectors.
Under Bow River Capital's ownership since September 2021, Progressive Roofing has significantly expanded its operations, growing to over 1,700 employees and completing three strategic acquisitions. The company has strengthened its market position through investments in talent, technology, and operational excellence, serving education, technology, industrial, healthcare, and government markets.
TopBuild Corp. (NYSE: BLD) ha acquisito Progressive Roofing da Bow River Capital in un'operazione interamente in contanti del valore di 810 milioni di dollari. Progressive Roofing, con sede a Phoenix, Arizona, è un importante fornitore di servizi di copertura commerciale specializzato in rifacimenti, manutenzione e nuove costruzioni in diversi settori.
Sotto la proprietà di Bow River Capital dal settembre 2021, Progressive Roofing ha ampliato significativamente le sue attività, arrivando a oltre 1.700 dipendenti e completando tre acquisizioni strategiche. L'azienda ha rafforzato la sua posizione di mercato grazie a investimenti in talento, tecnologia ed eccellenza operativa, servendo i mercati dell'istruzione, tecnologia, industria, sanità e pubblica amministrazione.
TopBuild Corp. (NYSE: BLD) ha adquirido Progressive Roofing de Bow River Capital en una transacción totalmente en efectivo valorada en 810 millones de dólares. Progressive Roofing, con sede en Phoenix, Arizona, es un proveedor líder de servicios de techado comercial especializado en renovación de techos, mantenimiento y nuevas construcciones en diversos sectores.
Bajo la propiedad de Bow River Capital desde septiembre de 2021, Progressive Roofing ha ampliado significativamente sus operaciones, creciendo hasta contar con más de 1,700 empleados y completando tres adquisiciones estratégicas. La empresa ha fortalecido su posición en el mercado mediante inversiones en talento, tecnología y excelencia operativa, atendiendo a los mercados de educación, tecnología, industria, salud y gobierno.
TopBuild Corp. (NYSE: BLD)는 Bow River Capital로부터 Progressive Roofing을 8억 1천만 달러 규모의 전액 현금 거래로 인수했습니다. 애리조나주 피닉스에 본사를 둔 Progressive Roofing은 상업용 지붕 서비스 분야의 선도업체로, 재지붕, 유지보수 및 신규 건설을 다양한 산업 부문에서 전문적으로 제공합니다.
2021년 9월부터 Bow River Capital의 소유 하에 Progressive Roofing은 사업을 크게 확장하여 1,700명 이상의 직원을 보유하게 되었으며, 세 건의 전략적 인수를 완료했습니다. 이 회사는 인재, 기술 및 운영 우수성에 대한 투자로 시장 입지를 강화하며 교육, 기술, 산업, 의료 및 정부 시장에 서비스를 제공하고 있습니다.
TopBuild Corp. (NYSE : BLD) a acquis Progressive Roofing auprès de Bow River Capital dans le cadre d'une transaction entièrement en espèces d'une valeur de 810 millions de dollars. Basée à Phoenix, Arizona, Progressive Roofing est un fournisseur majeur de services de couverture commerciale spécialisé dans la réfection de toitures, la maintenance et les nouvelles constructions dans divers secteurs.
Sous la propriété de Bow River Capital depuis septembre 2021, Progressive Roofing a considérablement étendu ses opérations, atteignant plus de 1 700 employés et réalisant trois acquisitions stratégiques. L'entreprise a renforcé sa position sur le marché grâce à des investissements dans les talents, la technologie et l'excellence opérationnelle, desservant les marchés de l'éducation, de la technologie, de l'industrie, de la santé et du gouvernement.
TopBuild Corp. (NYSE: BLD) hat Progressive Roofing von Bow River Capital in einer vollständig bar bezahlten Transaktion im Wert von 810 Millionen US-Dollar übernommen. Progressive Roofing mit Hauptsitz in Phoenix, Arizona, ist ein führender Anbieter von gewerblichen Dachdeckerleistungen, spezialisiert auf Dachsanierungen, Wartung und Neubauten in verschiedenen Branchen.
Unter der Eigentümerschaft von Bow River Capital seit September 2021 hat Progressive Roofing seine Aktivitäten erheblich ausgeweitet, ist auf über 1.700 Mitarbeiter gewachsen und hat drei strategische Übernahmen abgeschlossen. Das Unternehmen hat seine Marktposition durch Investitionen in Talente, Technologie und operative Exzellenz gestärkt und bedient die Märkte Bildung, Technologie, Industrie, Gesundheitswesen und Regierung.
- All-cash transaction valued at $810 million, providing immediate liquidity
- Significant growth to over 1,700 employees under previous ownership
- Successfully completed three strategic acquisitions
- Strategic fit with TopBuild's core strengths and operations
- Strong presence across diverse end markets including education, technology, healthcare, and government sectors
- Integration challenges may arise from combining two large operational entities
- Potential cultural adaptation challenges during the transition period
Insights
TopBuild's $810M acquisition of Progressive Roofing expands service offerings and strengthens its commercial construction presence.
TopBuild Corp has completed an
The transaction's structure as an all-cash deal is particularly noteworthy. It suggests TopBuild possesses strong liquidity and balance sheet flexibility, avoiding dilution of existing shareholders through equity issuance. The
Progressive Roofing has demonstrated impressive operational execution since Bow River Capital's initial investment in 2021, completing three strategic acquisitions while expanding both its geographic footprint and workforce. Their focus on recurring maintenance services is especially valuable, as it typically generates more stable, higher-margin revenue streams compared to new construction work, potentially enhancing TopBuild's earnings predictability.
For TopBuild shareholders, this acquisition represents a strategic expansion into adjacent building product installation services, potentially creating cross-selling opportunities with existing customers while diversifying revenue streams. The complementary nature of insulation and roofing services could create operational synergies in shared customers, logistics, and administrative functions.
Progressive Roofing, headquartered in
"We are incredibly proud of our partnership with Progressive Roofing and the remarkable growth achieved over the past few years by a very talented and dedicated Progressive team," said Greg Hiatrides, Managing Director and Head of Private Equity at Bow River Capital. He added, "The company's commitment to quality, customer service, culture, and safety solidified its position as a national market leader in commercial roofing, and we believe TopBuild is well-positioned to continue building upon and supporting this strong foundation."
Nick Hadden, CEO of Progressive Roofing, commented, "The entire Progressive Roofing team is excited to join forces with an industry leader that has a proven track record of growth following an excellent partnership with Bow River Capital. Our customer-centricity, focus on employees, and commitment to safety are well-matched with TopBuild's core strengths. We look forward to a bright future and are thankful for the decades of trust from our loyal customers, trusted employees, and valued partners."
About Progressive Roofing
Progressive Roofing began as a family operation in 1978 and has evolved into a nationwide roofing contractor with approximately 1,700 employees operating 12 branches nationwide. Progressive's business philosophy is anchored in customer satisfaction, high quality, and a safety-first workplace environment. Progressive specializes in commercial and industrial roofing and roof maintenance and excels in addressing the evolving landscape of roofing technologies, materials, and installation complexities. The company's carefully selected team of highly skilled, trained, and certified professionals ensures that the company meets the unique demands of all roofing systems for its valued customers.
About Bow River Capital
Bow River Capital is a private alternative asset management firm based in
About TopBuild
TopBuild Corp., headquartered in
Advisors
Citizens JMP Securities and Guggenheim Securities served as the financial advisors to Progressive in connection with the transaction. Brownstein Hyatt Farber Schreck, LLP served as legal counsel to Bow River Capital and Progressive.
Jones Day served as legal counsel to TopBuild, and RBC served as financial advisor to TopBuild.
Media Contact:
Jane Ingalls
303-861-8466
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SOURCE Bow River Capital
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