GREENWICH, Conn. and ENGLEWOOD, Colo. — QXO Inc. has completed its acquisition of Kodiak Building Partners from Court Square Capital Partners for approximately $2.25 billion, expanding QXO’s addressable market to more than $200 billion.

Brad Jacobs, chairman and CEO of QXO, said, “By acquiring Kodiak, we’re providing our customers with a wider range of product offerings and value-added services. In addition, we expect the deal to be highly accretive to 2026 earnings and we remain on track to achieve our goal of $50 billion in annual revenue.”

Steve Swinney, co-founder of Kodiak and leader of QXO’s new LBM division, added, “Today marks a definitive capstone for Kodiak as we join QXO and become a part of the most exciting company in building products.”

The deal's purchase price, which was announced in February, reportedly comprises $2.0 billion of cash and 13.2 million shares, with QXO retaining the right to repurchase these shares at $40 per share.

Kodiak generated approximately $2.4 billion of revenues in 2025 as a U.S. distributor of lumber, trusses, windows and doors, construction supplies, waterproofing, roofing, and complementary exterior products, as well as value-added assembly, fabrication, and installation services. The business is a market leader in most of its geographies, with concentrations in the Sun Belt and Mountain states. About 40% of Kodiak’s 2025 revenues were generated in Florida and Texas, where building market growth has consistently outpaced national market growth over the last decade.

Brad Jacobs, Chairman and Chief Executive Officer of QXO, said, “The acquisition of Kodiak is highly complementary to our existing business. We’ll be able to deliver more value to customers across our combined base by cross-selling products and support services, and with a greater presence in key markets. And we expect the integration to accelerate margin expansion through scaled procurement, network optimization, AI-powered inventory management, and other tech-enabled operating efficiencies. Our acquisition pipeline remains very active, with plenty of dry powder from our recently announced equity financings led by Apollo and Temasek.”

The integration of Kodiak’s structural and exterior construction product offerings with QXO’s existing range will better position QXO to grow both market share and wallet share with large homebuilders. This aligns with the company’s strategy to become a preferred supplier serving the full project lifecycle of large, multisite developments and master-planned communities.