QXO to Acquire Kodiak Building Partners in $2.25 Billion Deal

QXO Inc. (NYSE: QXO) has entered into an agreement to acquire Kodiak Building Partners from Court Square Capital Partners for approximately $2.25 billion, the company announced Feb. 11.

The transaction marks QXO’s second major acquisition following its $11 billion purchase of Beacon Roofing Supply last year. The move follows QXO’s unsuccessful 2025 bid for GMS and comes amid a broader wave of consolidation across building-products distribution, as major players compete to expand scale, product breadth and geographic reach. 

The Kodiak acquisition is expected to close early in the second quarter of 2026. The purchase price includes $2 billion in cash and 13.2 million QXO shares. QXO, headquartered in Greenwich, Conn., retains the right to repurchase those shares at $40 per share.

Kodiak, based in Englewood, Colo., generated approximately $2.4 billion in revenue in 2025 with 110 locations across 26 states, employing about 5,500 people. The company distributes lumber, trusses, windows and doors, construction supplies, waterproofing, roofing and exterior building products, along with value-added assembly and installation services. About 40 percent of its 2025 revenue came from Florida and Texas.

QXO said the acquisition will expand its addressable market to more than $200 billion and is expected to be accretive to 2026 earnings. Company officials cited cross-selling opportunities, scaled procurement and AI-powered inventory management as drivers of anticipated margin improvement.

QXO, which has a market value of more than $16 billion, continues to position itself as a competitor in wholesale building materials distribution alongside larger retailers such as Home Depot and Lowe’s.

Consolidation Continues to Reshape Building Products Distribution

Since early 2025, building-products distribution has continued to consolidate as large platforms chase added categories, geographic density and purchasing scale. Here are the biggest headline deals from 2025 through now:

• QXO completes Beacon Roofing Supply acquisition (April 29, 2025): QXO closed its roughly $11 billion purchase of Beacon Roofing Supply at $124.35 per share, making Beacon a wholly owned subsidiary and expanding QXO’s scale in roofing, waterproofing and complementary building products. 
• Home Depot’s SRS Distribution agrees to acquire GMS (announced June 30, 2025; completed Sept. 4, 2025): Home Depot said SRS would buy GMS for $110 per share, valuing the equity at about $4.3 billion and the enterprise value (including net debt) at about $5.5 billion, strengthening its specialty distribution footprint in products such as drywall, ceilings and steel framing. 
• Lowe’s announces Foundation Building Materials deal (Aug. 20, 2025): Lowe’s announced an agreement to acquire Foundation Building Materials in a transaction valued at $8.8 billion, positioning the retailer for a larger role in interior building-products distribution focused on pro customers. 
• QXO agrees to acquire Kodiak Building Partners (Feb. 11, 2026): QXO announced a definitive agreement to buy Kodiak from Court Square Capital Partners for about $2.25 billion, adding a large lumber and building-products platform with concentrations in the Sun Belt and Mountain states.