TopBuild Acquires SRI Holdings

Rhea-AI Summary

TopBuild Corp. (NYSE:BLD) has acquired the residential insulation business assets of SRI Holdings, LLC, which generated $62 million in revenue for the year ending November 30, 2022. This acquisition enhances TopBuild's market presence in Georgia, Michigan, Ohio, Florida, Alabama, and South Carolina. The addition aligns with the company's commitment to quality services and community development. Robert Buck, President and CEO, expressed enthusiasm about the acquisition, emphasizing the strong reputation of SRI in the markets.

Positive

• Acquisition of SRI Holdings enhances market presence in six states.
• SRI generated $62 million in revenue for the last twelve months.
• Aligns well with TopBuild's culture of community focus.

Negative

• None.

Residential Insulation Installer
$62 Million Annual Revenue

DAYTONA BEACH, Fla., Jan. 26, 2023 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer and specialty distributor of insulation and related building material products to the construction industry in the United States and Canada, has acquired the assets of the residential insulation business of SRI Holdings, LLC. Through this acquisition TopBuild enhances its presence in Georgia, Michigan, Ohio, Florida, Alabama and South Carolina. SRI was founded in 2012 and generated approximately $62 million in revenue for the twelve months ended November 30, 2022.

Robert Buck, President and CEO of TopBuild, noted, “We welcome the SRI team to TopBuild and are excited to add this high-quality company to our Installation segment. SRI has an excellent reputation in the markets in which it operates, and its focus on advancing the lives of their employees and communities fits well with TopBuild’s culture.”  

About TopBuild
TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer and specialty distributor of insulation and related building material products to the construction industry in the United States and Canada. We provide insulation installation services nationwide through our contractor services business which has approximately 230 branches located across the United States. We distribute building and mechanical insulation, insulation accessories and other building product materials for the residential, commercial, and industrial end markets through our Specialty Distribution business. Our specialty distribution network encompasses approximately 180 branches. To learn more about TopBuild please visit our website at www.topbuild.com.

Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release.  Factors or events that we cannot predict, including those described in the risk factors contained in our filings with the Securities and Exchange Commission, may cause our actual results to differ from those expressed in forward-looking statements. Although TopBuild believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

Investor Relations and Media Contact
Tabitha Zane
tabitha.zane@topbuild.com
386-763-8801

FAQ

What was the purpose of TopBuild's acquisition of SRI Holdings?

The acquisition aims to enhance TopBuild's market presence in several key states.

How much revenue did SRI Holdings generate before the acquisition?

SRI Holdings generated approximately $62 million in revenue for the year ending November 30, 2022.

Which states will TopBuild expand its presence in after acquiring SRI Holdings?

TopBuild will expand its presence in Georgia, Michigan, Ohio, Florida, Alabama, and South Carolina.

Who is the CEO of TopBuild?

Robert Buck is the President and CEO of TopBuild.

What type of business did TopBuild acquire from SRI Holdings?

TopBuild acquired the residential insulation business assets from SRI Holdings.