Building products distributor QXO Inc. said Wednesday it has struck a deal to acquire Kodiak Building Partners from private equity firm Court Square Capital Partners for about $2.25 billion, marking another bold step in its campaign to reshape the construction supply landscape.
The transaction — structured as a mix of cash and stock — positions QXO to deepen its reach across the U.S. housing market and accelerate its long-term growth ambitions.
Paul Weiss Rifkind Wharton & Garrison LLP is advising QXO on the deal, while Dechert LLP is representing Kodiak.
Deal Structure and Strategic Vision
Under the agreement, the purchase price includes $2 billion in cash and 13.2 million QXO shares. QXO retains the option to buy back those shares at $40 apiece, according to the company’s announcement.
The acquisition is a cornerstone of QXO’s stated goal of reaching $50 billion in annual revenue within the next decade through a combination of acquisitions and organic growth. As of Sept. 30, 2025, QXO reported trailing 12-month revenue of approximately $4.7 billion — a fraction of its long-range target, but a foundation it appears eager to build upon.
By folding Kodiak’s operations into its portfolio, QXO aims to expand both market share and “wallet share” among large homebuilders. The company said integrating Kodiak’s structural and exterior construction offerings with QXO’s existing lineup will enhance its ability to serve the entire lifecycle of large, multisite developments and master-planned communities.
In essence, QXO is not just buying a distributor — it is assembling a broader platform designed to become a one-stop supplier for builders navigating a complex and evolving housing market.
