TopBuild Corp. has acquired Applied Coatings and Upstate Spray Foam, two Winfield‑based firms that together generate roughly $20 million in annual revenue. The deal adds spray‑foam and fire‑proofing installation services for residential and commercial customers across New York, Pennsylvania and Massachusetts, extending TopBuild’s presence in the Northeast.
The acquisition is a deliberate step in TopBuild’s broader strategy to diversify beyond residential insulation and grow its commercial and industrial portfolio. By bringing in Applied Coatings and Upstate Spray Foam, the company gains expertise in spray‑foam installation and fire‑proofing that complements its existing insulation and roofing capabilities, creating a more comprehensive service mix that can be cross‑sold to its current customer base.
TopBuild’s CEO, Robert Buck, said the move “strengthens our presence in the Northeast and builds on the team’s excellent track record.” Co‑owner Billy Gibson added that the transition “will strengthen our ability to continue growing in Upstate New York and beyond,” underscoring the cultural fit and the potential for continued growth under TopBuild’s ownership.
Analysts have reiterated buy ratings for TopBuild and raised price targets in early February, citing the company’s acquisition‑driven growth and expanding market reach. The positive sentiment reflects confidence that the new capabilities will translate into incremental revenue and margin growth, consistent with TopBuild’s recent $1 billion acquisition of Specialty Products and Insulation in October 2025.
The purchase price was not disclosed, but the transaction is expected to be accretive to TopBuild’s earnings given the $20 million revenue base and the synergies with its existing operations. TopBuild’s market capitalization stood near $13 billion as of February 3 2026, positioning it to continue leveraging acquisitions to drive long‑term growth.
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