QXO, Inc. (NYSE: QXO) has entered into a definitive agreement under which QXO to acquire Kodiak Building Partners from Court Square Capital Partners in a transaction valued at approximately $2.25 billion. The deal is expected to be highly accretive to 2026 earnings and will expand QXO’s current addressable market to more than $200 billion.
The agreed purchase price consists of $2.0 billion in cash and 13.2 million shares, with QXO retaining the right to repurchase those shares at $40 per share. The transaction is anticipated to close early in the second quarter of 2026, subject to the satisfaction of customary closing conditions.
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, in addition to offering value-added assembly, fabrication, and installation services. The company holds leading positions across most of its operating regions, with strong concentrations in the Sun Belt and Mountain states. Approximately 40% of Kodiak’s 2025 revenues were generated in Florida and Texas, where building market growth has consistently outpaced national market growth over the past decade.
Commenting on the development that will see QXO to acquire Kodiak Building Partners, 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 portfolio is expected to enhance QXO’s ability to grow both market share and wallet share among large homebuilders. The move supports the company’s strategy of positioning itself as a preferred supplier capable of serving the full project lifecycle for large, multisite developments and master-planned communities.
Steve Swinney, Co-Founder and Chief Executive Officer of Kodiak Building Partners, said, “QXO is the most exciting company in the industry. By joining forces, we’re moving from strength to strength to unlock new opportunities for our customers and employees. I want to thank our employees for building a high-quality business at Kodiak and for the value created over the past 15 years, including the last eight with Court Square. I look forward to an even more exciting future as part of QXO.”