Brad Jacobs, the founder of the private‑equity‑style vehicle QXO, is expanding at a blistering pace. QXO just agreed to acquire insulation and roofing specialist TopBuild for an enterprise value of $17 billion, paying more than half of the deal’s $14 billion equity in its own shares. The move marks the third major building‑products purchase in 2024.

TopBuild shareholders receive a valuation of roughly 15 times annual EBITDA, a premium compared with QXO’s previous $11 billion purchase of Beacon Roofing Supply at about 10 times EBITDA. Jacobs argues the new acquisition will slide to a more manageable 12 times once synergies with QXO’s existing portfolio kick in, easing the burden on the deal’s price tag.

Since its first big deal, QXO’s shares have doubled, buoyed by equity sales to heavyweight investors such as Apollo and Temasek. Jacobs himself has invested over $1 billion, while the company’s stock slipped more than 5 percent after the TopBuild announcement—a typical short‑term reaction to large, stock‑heavy transactions.

Jacobs’ strategy mirrors private‑equity logic but within a public‑market framework, offering investors a vehicle for recurring acquisitions and cost‑saving synergies without traditional fund fees. The rapid pace of deals underscores the advantage of permanent capital, allowing QXO to act swiftly in a fragmented building‑products sector where consolidation can drive significant value.