What did TopBuild Corp. pay for Specialty Products and Insulation (SPI)?

TopBuild Corp. acquired Specialty Products and Insulation (SPI) for $1.00B in 2025 (13.3x EBITDA), equivalent to 1.43x revenue. Target revenue was approximately $700.0M. Target EBITDA was approximately $75.0M.

What multiple did TopBuild Corp. pay for Specialty Products and Insulation (SPI)?

13.3x EBITDA and 1.43x revenue, based on disclosed deal value of $1.00B and disclosed financials.

M&A TRANSACTION · 2025

Specialty Products and Insulation (SPI) acquired by TopBuild Corp.

$1.00B· 13.3x EBITDA· 1.43x revenue

Target

Specialty Products and Insulation (SPI)

National

Leading specialty distributor and fabricator of mechanical insulation solutions for commercial, industrial and residential end markets

Acquirer

TopBuild Corp.

Strategic buyer

Disclosed financials at time of acquisition

Revenue

$700.0M

EBITDA

$75.0M

Deal Value

$1.00B

EV/EBITDA

13.3x

Context

This $1.00B acquisition of Specialty Products and Insulation (SPI) by TopBuild Corp. sits in the roofing sub-vertical. The 13.3x EBITDA multiple paid in 2025 can be compared against the population median for roofing transactions of similar size on our Roofing valuation hub. TopBuild Corp. is acquiring as a strategic buyer; see how strategic acquirers typically price roofing businesses on our Roofing strategic buyer-pool page.

Source

Data sourced from Press Release — primary source. All figures reflect disclosed values at the time of the acquisition; no estimated or imputed data. Methodology

Value your own roofing

Get an instant valuation range for your business. Backed by 25,592 real M&A transactions.

Compare your business to the Specialty Products and Insulation (SPI) acquisition.

Citation: ExitValue.ai. (2025). Specialty Products and Insulation (SPI) acquired by TopBuild Corp.. https://exitvalue.ai/deals/specialty-products-and-insulation-spi-acquired-by-topbuild-corp-landscaping