TopBuild Corp, a leading installer and specialty distributor of insulation and related building material products to the construction industry in the United States and Canada, announced that it has agreed to acquire Progressive Roofing, a portfolio company of Bow River Capital, for $810 million in cash.

This represents approximately 9.1x Progressive’s earnings before interest, taxes, depreciation and amortization (EBITDA) for the trailing 12 months ended March 31, 2025, and a multiple of 8.6x EBITDA post-synergies, considering $5 million in synergies. The transaction is expected to be immediately accretive to adjusted earnings per share.

“In addition to increasing our revenue exposure to non-discretionary demand drivers, we anticipate that this acquisition will serve as a significant growth platform, both organically as well as through future M&A," said TopBuild President and Chief Executive Officer Robert Buck. "Importantly, Progressive’s strategy and business model are closely aligned with ours, and we look forward to welcoming Progressive’s talented management team and employees to TopBuild.”

Founded in 1978, Progressive Roofing serves commercial verticals, including education, technology, industrial, healthcare and government. Progressive generated $438 million in revenue and $89 million in EBITDA for the trailing 12 months ended March 31, 2025.

“Entering the large and growing Commercial Roofing business through the acquisition of Progressive Roofing is a natural next step for TopBuild. The acquisition of Progressive, one of the largest commercial roofing installers in the United States, will enable us to offer commercial customers more comprehensive building envelope installation solutions,” said Buck.

Image edited by Chris Gray

Northeast Contracting Company, a commercial roofing contractor based in Virginia, announced Cagen Williams as chief executive officer.

Williams is an entrepreneurial leader with expertise in finance and operational strategy. He joins NECC with a mandate to drive growth, expand the company’s geographic footprint, strengthen service delivery, and champion the success of NECC’s skilled tradespeople and in-house talent.

The appointment signals NECC’s next phase of growth following RCap Equity Partners’ investment in 2024, in partnership with Monroe Capital LLC. The company is now underway with a strategic transformation into a high-performance commercial roofing platform serving the Mid-Atlantic region and beyond.

“NECC is a company with deep roots, trusted relationships, and a reputation for performance in the field,” Williams said. “We’re here to raise the bar on field response, scale operations, and deliver reliable performance for NECC’s institutional client base. This next chapter is about action, expertise, expansion, and impact.”

Williams comes to NECC from the Florida-based EPC Panhandle Power Solutions, where he first earned a leadership role in 2009 as director of operations. He went on to serve as president and CEO, guiding the company through its acquisition in 2019 and expanding its federal contracting roots into the clean energy sector.

He brings an MBA from New York University’s Stern School of Business, along with a proven track record of transforming industrial service businesses, to his role as CEO of NECC.

“Cagen is a high-integrity, high-performance leader,” said Matthew Raymon, partner at RCap. “He brings a forward-thinking, execution-focused mindset to his role as CEO. We’re confident he will position NECC as a best-in-class partner to asset managers and operators of essential infrastructure across the full building envelope.”

Image courtesy of NECC

Valor Exterior Partners, a portfolio company of Osceola Capital, announced the acquisition of Kirkin Exteriors, expanding Valor's presence into Delaware.

"We are excited to welcome the Kirkin team to the Valor family," said Jerry Arteaga, CEO of Valor. "Over the last 15 years, Kirkin has earned a strong reputation in the region as a trusted provider of exterior services, making it a natural fit to join Valor. We look forward to supporting Kirkin's continued growth and are excited to expand our presence into the Mid-Atlantic."

Founded in 2011 and headquartered in New Castle, Del., Kirkin is a provider of roofing, siding, solar and other exterior home services to residential homeowners in Delaware, Maryland, Pennsylvania and New Jersey. This partnership marks Valor's fifth acquisition since the platform's launch in September 2024.

"The acquisition of Kirkin marks a strong step toward achieving Valor's vision of establishing itself as the leading provider of roofing and other exterior home services in the Greater Northeast,” said Ben Moe, managing partner at Osceola Capital. “We will continue to pursue additional partnerships across the region to further expand Valor's geographic footprint and service offering."

Photo courtesy of Kirkin Exteriors/Facebook

IKO announced a new joint initiative with Clemson University and the Roofing Alliance to offer a formal education program tailored specifically for the roofing industry.

Through IKO University, IKO ROOFPROs across North America can benefit from over 25% off standard tuition rates.

“When we first introduced the ROOFPRO program, our priority was to create opportunities that matter,” said Jeff Williams, vice president of marketing and branding at IKO North America. “This program will make quality roofing education more accessible — and that’s a win for both contractors and the industry as a whole.”

The three courses — Roofing Fundamentals, Roofing Management, and Roofing Business and Leadership — are a result of a collaboration between Clemson’s Nieri Department of Construction, Development and Planning and the Roofing Alliance, the foundation of the National Roofing Contractors Association. Participants will receive a Certificate of Completion from Clemson University and the Roofing Alliance, gaining practical knowledge, industry recognition, and networking opportunities.

“Whether it’s sharpening technical or business skills, these courses can help our guys win more jobs — and we love that,” said Jack Gottesman, director of marketing services and loyalty programs at IKO, North America. “This first-of-its-kind partnership delivers on IKO's promise of Proven Performance.”

“We’re excited to support the development of roofing-specific education,” said Dr. Dhaval Gajjar, associate department chair at Clemson. “These courses will give IKO ROOFPROs a well-rounded industry understanding to support their growth.”

Image courtesy of IKO

Amrize, the North American offshoot of Swiss building-materials giant Holcim, made its stock-market debut on June 23, trading under the ticker “AMRZ” on both the New York Stock Exchange and the SIX Swiss Exchange.

The spin-off, structured as a 100% dividend-in-kind, awarded one Amrize share for every Holcim share held, valuing the newly independent company at roughly $30 billion at the opening bell.

Amrize brings together Holcim’s entire North American operations, spanning cement, aggregates, ready-mix, mortar, and building envelope solutions.

Its portfolio includes more than 1,000 production and distribution sites across North America, with brands including Duro-Last, Gaco, and Elevate Commercial Roofing Systems, making it, as The Wall Street Journal reported, the second-largest commercial-roofing supplier in North America

With some 19,000 employees, the company serves infrastructure, commercial and residential markets from foundation to rooftop. Holcim’s board, citing diverging regional market dynamics, approved the separation to allow each entity to pursue focused strategies.

“As distinct, independent publicly traded companies, Holcim and Amrize should each benefit from a sharpened strategic and operational focus,” Holcim CEO Miljan Gutovic said in a company release.

The European conglomerate plans to concentrate on Europe, Latin America, Australia and North Africa, while Amrize will target growth in North America.

Amrize CEO Jan Jenisch described the spin-off as “an exciting day for all our teammates across North America,” adding that the company will “capitalize on long-term megatrends from infrastructure modernization and onshoring of manufacturing to data-center expansion and the opportunity to bridge the housing gap.”

At its investor day in New York in March, Amrize outlined mid-term targets, calling for 5% to 8% annual sales growth and 8% to 11% core profit expansion through 2028.

Photo courtesy of Amrize.