PHOENIX — Florida-based TopBuild Corp. has acquired Progressive Roofing, a Phoenix commercial roofing company, in an $810 million all-cash deal with Denver private equity firm Bow River Capital.

Daytona Beach-headquartered TopBuild (NYSE: BLD) is one of the nation’s largest installers and distributors of insulation and building materials. The acquisition of Progressive Roofing strengthens TopBuild’s footprint in the commercial roofing market nationwide.

Bow River Capital confirmed the completion of the sale on July 15, highlighting Progressive Roofing’s national reputation for quality, customer service, and workplace culture.

“The company's commitment to quality, customer service, culture, and safety solidified its position as a national market leader in commercial roofing, and we believe TopBuild is well-positioned to continue building upon and supporting this strong foundation,” said Greg Hiatrides, Managing Director and Head of Private Equity at Bow River Capital.

The acquisition is part of TopBuild’s broader growth strategy to expand its commercial services portfolio and capitalize on strong demand for roofing and building envelope solutions across the U.S.

Founded in 1978, Progressive Roofing has grown into one of the nation’s largest commercial roofing contractors, with offices across multiple states and thousands of completed projects spanning schools, airports, healthcare facilities, and industrial sites.

For TopBuild, the acquisition adds significant scale and geographic reach to its growing commercial segment, complementing its existing insulation and specialty building services.

Industry experts say this acquisition reflects ongoing consolidation in the construction sector, as larger companies continue to absorb strong regional players to boost capabilities and secure larger national contracts.

Bow River Capital had invested in Progressive Roofing in 2020, helping the company expand operations and strengthen its management team during a time of rapid construction market growth in the Southwest.

TopBuild’s leadership said the Progressive Roofing team and brand will remain in place, ensuring continuity for customers, vendors, and employees.

The deal comes as Arizona’s commercial construction market remains robust, with billions in planned infrastructure, data center, industrial, and education sector projects fueling demand for specialized contractors.

With Progressive Roofing’s expertise and long-standing relationships in the region, TopBuild is positioned to bid for even larger national contracts requiring turnkey commercial roofing and weatherproofing solutions.

The acquisition is expected to close operationally by the end of the third quarter, pending customary regulatory approvals.

Originally reported by Paul Thompson in ABC 15 News.