Scaling Up in a Fragmented Market
Phoenix-based Progressive Roofing employs over 1,700 workers across 12 U.S. locations, positioning TopBuild for rapid national expansion. Both companies operate with localized branch autonomy backed by centralized support systems—a synergy TopBuild believes will ease post-deal integration.
TopBuild also hinted this deal is just the beginning, calling Progressive Roofing a “platform acquisition” for further M&A activity in what it views as a fragmented industry ripe for consolidation.
Deal Details and Legal Muscle
While the financial architecture is in place, the transaction must still clear customary closing conditions and antitrust scrutiny—a point not lost on TopBuild, which last year had to abandon a $960 million acquisition of Specialty Products & Insulation following pushback from the U.S. Department of Justice.
This time, TopBuild appears confident. The Jones Day team, led by partners Ben Stulberg and Jared Hasson, is steering the legal side. Deal representation for Brownstein Hyatt was not disclosed.
