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DAYTONA BEACH, Fla., Oct. 30, 2024 (GLOBE NEWSWIRE) — TopBuild Corp. (NYSE), a prominent installer and specialty distributor of insulation and building materials for the construction industry in the U.S. and Canada, has announced an agreement to acquire Shannon Global Energy Solutions, based in North Tonawanda, N.Y. The acquisition will bring in approximately $11 million in annual revenue. With a 36-year legacy, Shannon Global specializes in designing and fabricating reusable thermal, acoustical, and safety products for numerous large multinational clients. The deal is expected to finalize in the fourth quarter.
Robert Buck, President and CEO of TopBuild, commented, “We are excited to further build our capabilities in mechanical insulation and expand our fabrication offerings to the commercial and industrial end user markets. We remain focused on acquiring businesses that leverage our core competencies, expand opportunities for future growth and drive shareholder returns. Our pipeline of potential acquisitions remains robust, and we will continue to be disciplined in our use of capital.”
Frank Kovacs, President and CEO of Shannon Global Energy Solutions, stated, “Our high quality, engineered products, diverse customer base and unique applications are a natural fit for TopBuild’s Specialty Distribution portfolio. The acquisition will give us the opportunity to continue to grow the company consistent with our commitment to providing sustainable, reusable energy solutions.”
About TopBuild
TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer and specialty distributor of insulation and related building materials for the construction industry across the U.S. and Canada. The company provides nationwide insulation installation services through its Installation segment, which operates approximately 240 branches. Additionally, TopBuild distributes building and mechanical insulation, accessories, and other materials for residential, commercial, and industrial markets through its Specialty Distribution business, which includes around 170 branches. To learn more, visit www.topbuild.com.
About Shannon Global Energy Solutions
Shannon Global Energy Solutions engineers and manufactures high-quality insulation solutions designed for energy conservation, thermal efficiency, noise reduction, safety, and sustainability. Utilizing a CAD-CNC-ERP approach from design to manufacturing, Shannon is a leader in reusable and removable insulation for various sectors, including manufacturing, healthcare, and industrial markets. Founded by Mr. Kovacs in 1988, the company boasts over 40 years of experience in the building products industry.
Safe Harbor Statement
This press release includes “forward-looking statements” as defined by the Private Securities Litigation Reform Act. These statements may address expected financial and operational outcomes and the assumptions underlying them. Such statements are identified by terms like “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” and their negatives. These views entail risks and uncertainties that are challenging to predict, meaning actual results could differ materially from those discussed. Our forward-looking statements only reflect views as of the release date, and factors beyond our control may affect actual results. While TopBuild believes these expectations are based on reasonable assumptions, it cannot guarantee their achievement and does not commit to updating forward-looking statements unless required by law.