TopBuild To Buy Distribution International For $1B

TopBuild Corp. BLD agreed to acquire Distribution International Inc. from Advent International in an all-cash transaction valued at $1 billion.
Distribution International (DI) is a specialty distributor and custom fabricator of mechanical insulation and related accessories for industrial and commercial end markets.
DI has 101 branches across the U.S. and Canada and recorded revenue of ~$747 million for the trailing 12 months ended June 30, 2021, on a pro forma basis.
TopBuild held cash and cash equivalents of $261.7 million as of June 30, 2021. It plans to fund the deal via a combination of debt financing and cash on hand.
The transaction is expected to close in the fourth quarter of 2021.
TopBuild expects the deal to be accretive to GAAP EPS in the first full year after close. It expects run-rate synergies of $35 million - $40 million over the 24 months after closing.
Price Action: BLD shares closed lower by 1.34% at $216.81 on Tuesday.