Greenwich-based QXO Inc., a distributor of roofing, waterproofing and other building products, has agreed to acquire Colorado-based Kodiak Building Partners for $2.25 billion.
QXO entered into an agreement to purchase Kodiak from Court Square Capital Partners, a New York-based private equity firm. The transaction includes $2 billion in cash and 13.2 million shares of QXO stock. Under the agreement, QXO retains the right to repurchase the shares at $40 per share.
Kodiak generated approximately $2.4 billion in revenue last year, with roughly 40% derived from Florida and Texas. The company distributes lumber, trusses, windows, doors, construction supplies, waterproofing, roofing and complementary exterior products. It also provides assembly, fabrication and installation services.
CEO Brad Jacobs said the deal is designed to improve margins by leveraging QXO’s scale, optimizing its distribution network and using AI tools to better manage inventory.
Jacobs also indicated QXO may pursue additional acquisitions. He noted the company in January secured an additional $3 billion in financing from Apollo Global Management, Temasek Holdings and other investors to support its acquisition strategy.
“Our acquisition pipeline remains very active, with plenty of dry powder from our recently announced equity financings led by Apollo and Temasek,” he said.
QXO has pursued an aggressive growth strategy. The company acquired Beacon Roofing Supply for $11 billion in April 2025. It also bid roughly $5 billion for GMS Inc., a drywall and interior construction products distributor, before losing the bidding contest to Home Depot.
