TopBuild to Acquire American Building Systems
March 01 2021 - 8:05AM
TopBuild Corp. (NYSE:BLD) a
leading installer and distributor of insulation and building
material products in the United States, has entered into an
agreement to acquire all of the assets and business of the American
Building Systems Group of Companies (“ABS”).
ABS, a residential insulation and distribution
business founded in 1982, has 34 branches that primarily services
the eastern United States. Major operations exist in Georgia,
Virginia, the Carolinas, Florida, Massachusetts and New Jersey.
Approximately 94% of ABS’ $144 million of annual revenue is from
installation of insulation and other building products, with the
remaining 6% from distribution.
Robert Buck, President and CEO of TopBuild,
noted, “This is a great opportunity for TopBuild to enhance its
presence is many high growth markets. ABS will bring a strong
customer base, experienced sales force and 500 highly trained
installers to our operations. Wayne Sullivan, ABS’ current owner,
has done a great job building the business and developing a
talented team. This will be a great addition to our TopBuild family
of companies.”
The transaction, which has been approved by
TopBuild’s Board of Directors, is subject to customary closing
conditions, including expiration or termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976. The Company expects the transaction to close early in the
second quarter of 2021.
About TopBuildTopBuild Corp., a
Fortune 1000 Company headquartered in Daytona Beach, Florida, is a
leading installer and distributor of insulation and building
material products to the U.S. construction industry. We provide
insulation and building material services nationwide through
TruTeam®, which has close to 200 branches, and through Service
Partners® which distributes insulation and building material
products from over 75 branches. We leverage our national footprint
to gain economies of scale while capitalizing on our local presence
to forge strong relationships with our customers. 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
ContactTabitha
Zanetabitha.zane@topbuild.com386-763-8801
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