ENGLEWOOD, Colo. — One of the Denver metro area’s largest privately held companies has agreed to be acquired in a transaction valued at approximately $2.3 billion, combining $2 billion in cash with more than $340 million in stock.
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Connecticut-based QXO (NYSE: QXO), a publicly traded distributor of building products, has entered into a “definitive agreement” to acquire Douglas County-based Kodiak Building Partners from New York private equity firm Court Square Capital Partners.
Kodiak ranks as the third-largest private company in the Denver area, according to research from the Denver Business Journal.
The acquisition significantly expands QXO’s footprint in the building materials distribution sector at a time when demand for residential and commercial construction supplies remains closely tied to interest rates, housing starts and infrastructure investment.
Kodiak operates as a building products platform company, partnering with locally operated businesses across the U.S. The company has grown rapidly through acquisitions, focusing on lumberyards, building supply distributors and specialty construction materials providers.
By integrating Kodiak’s network into its broader distribution platform, QXO is expected to enhance purchasing power, logistics capabilities and technology-driven efficiencies — while strengthening its competitive position in a fragmented marketplace.
Industry analysts note that consolidation has been accelerating among construction suppliers, as firms seek scale advantages, improved supply chain control and expanded geographic reach.
Despite the ownership change, leadership continuity appears central to the transaction.
Steve Swinney, co-founder and chief executive officer of Kodiak Building Partners, will continue leading the organization following the acquisition.
"Partnering with QXO opens an exciting opportunity for Kodiak to accelerate growth and expand our capabilities while staying true to the operating model that has made us successful," Swinney said in a message to the Denver Business Journal. "Our businesses will remain locally led, supported by additional resources, technology, and strategic guidance from QXO.”
Swinney’s continued leadership signals that Kodiak’s decentralized, locally focused operating structure will remain intact — a model that has been central to its expansion strategy.
The transaction marks one of the largest recent corporate deals involving a Colorado-based company and underscores the Denver metro area’s growing prominence in the construction and building supply industries.
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Kodiak’s rise has mirrored broader growth trends in the Mountain West, where population expansion and sustained housing development have driven demand for construction materials. While elevated interest rates have tempered some residential activity nationally, long-term infrastructure investment and regional growth continue to support supplier demand.
For QXO, the acquisition represents a major step in scaling its distribution network across the United States. For Kodiak, the deal provides additional capital and technological resources aimed at accelerating expansion while preserving its local leadership model.
Originally reported by Denver Business Journal in 9 News.
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