QXO agreed on 11 February to acquire Kodiak Building Partners, a US distributor of lumber, trusses, windows, doors and exterior products, from Court Square Capital Partners for about $2.25bn.
Why QXO, Inc. is buying Kodiak Building Partners
QXO chairman and chief executive Brad Jacobs said Kodiak was highly complementary, allowing cross-selling to a combined customer base and a bigger presence in key markets, with margin gains from scaled procurement, network optimisation and AI-powered inventory management. Adding Kodiak's structural and exterior products is meant to make QXO a preferred supplier to large homebuilders and master-planned communities, and lifts its addressable market above $200bn.
Deal terms and financing
The price comprises $2.0bn in cash and 13.2 million QXO shares, which QXO can buy back at $40 per share. QXO expected the deal to be highly accretive to 2026 earnings and said it had ample funds from recent equity financings led by Apollo and Temasek.
Regulatory approvals and timing
Closing was subject to customary conditions. QXO announced completion on 1 April 2026, with Kodiak co-founder Steve Swinney leading QXO's new LBM division.
Market context
Founded in 2011, Kodiak has about 5,500 employees at 110 locations in 26 states and serves more than 10,000 customers, with strong positions in the Sun Belt and Mountain states. Distribution Strategy Group said the deal underscored accelerating consolidation in building products distribution; QXO is targeting $50bn of annual revenue within a decade.
