Greenwich-based QXO Inc., a distributor of roofing, waterproofing and other building products, announced Monday it has secured an additional $1.8 billion in financing led by funds managed by affiliates of Apollo Global Management, increasing a previously announced $1.2 billion commitment to a total of $3 billion.
QXO said Apollo, Temasek and other investors agreed to provide the capital through a series of convertible perpetual preferred stock, with proceeds intended to support future acquisitions.
Under the agreement, investors committed to purchase the preferred stock to fund one or more qualifying acquisitions through July 15, 2026. The commitment can be extended for up to 12 additional months if QXO signs an acquisition agreement before the initial period expires.
QXO said the securities will be sold in a private transaction and will not be registered under federal securities law at the time of issuance.
QXO is led by Chairman and CEO Brad Jacobs, a veteran dealmaker known for building large, acquisition-driven companies. Jacobs previously founded and scaled logistics firms XPO and GXO Logistics and stepped back from board leadership roles at both companies late last year to focus on QXO and his investment firm.
QXO has been pursuing growth primarily through acquisitions in the fragmented building-products distribution industry. Last year, QXO completed its $11 billion acquisition of Beacon Roofing Supply.
