TopBuild Acquires Tonks Insulation and Shepherds Insulation

TopBuild Corp. Acquires Specialty Products and Insulation (SPI) from Incline Equity Partners

October 8, 2025

Building Products

TopBuild Corp. acquired Specialty Products and Insulation (SPI) from Incline Equity Partners in an all-cash transaction valued at $1.0 billion. The acquisition expands TopBuild’s geographic footprint and mechanical insulation fabrication capabilities, adds ~90 branches and ~1,000 employees, and increases TopBuild’s exposure to recurring maintenance and repair revenue.

TopBuild Acquires Texas Insulation from Energy One America

June 21, 2024

Building Products

TopBuild Corp. has acquired Texas Insulation, a regional subsidiary of Energy One America, effective June 3. Texas Insulation—which generates approximately $39 million in annual revenue—will transition its leadership to TopBuild as the buyer looks to expand its Texas footprint and integrate the business into its insulation services platform.

TopBuild Corp. Acquires Insulation Works

May 6, 2024

Building Products

TopBuild Corp. has entered into an agreement to acquire Insulation Works, a Wickes, Arkansas-based insulation installer and specialty distributor that operates three locations and generates approximately $28 million in annual revenue. The acquisition expands TopBuild’s residential, light-commercial and agricultural insulation capabilities and footprint in Arkansas and surrounding states.

TopBuild Acquires Residential Insulation Business of SRI Holdings

January 26, 2023

Building Products

TopBuild Corp. has acquired the assets of the residential insulation business of SRI Holdings, LLC, adding approximately $62 million of revenue and expanding TopBuild's presence across Georgia, Michigan, Ohio, Florida, Alabama and South Carolina. The acquisition integrates SRI's residential installation operations into TopBuild's Installation segment and strengthens its footprint in key U.S. residential markets.

TopBuild Corp. Acquires Billings Insulation

February 7, 2022

Construction

TopBuild Corp. (TruTeam) has acquired Billings Insulation, a residential insulation installer serving Montana and northern Wyoming. The acquired business generated approximately $6.5 million in revenue for the twelve months ended December 31, 2021 and will be integrated into TopBuild’s TruTeam installation platform to expand its regional footprint.

TopBuild Acquires Garland Insulating

October 1, 2020

Building Products

TopBuild Corp. (TruTeam) acquired Garland Insulating, a large family-owned insulation installer operating across Texas and Colorado, for an undisclosed amount. The acquisition expands TopBuild’s TruTeam footprint in Texas and brings Garland’s leadership team into TruTeam as TopBuild integrates Garland onto its ERP and supply chain platforms.