Greenwich-Based Company Expands With $11 Billion Acquisition

GREENWICH, CT — Greenwich-based building products distributor QXO on Tuesday announced it has officially acquired Beacon Roofing Supply in an approximately $11 billion deal.

The transaction, at $124.35 per share, makes QXO the largest publicly traded distributor of roofing, waterproofing and complementary building products in the United States. It also marks the first major milestone in creating a $50 billion leader in the building and products distribution industry.

QXO Chairman and CEO Brad Jacobs will celebrate the milestone and transaction by ringing the opening bell at the New York Stock Exchange on Wednesday with 14 new Beacon colleagues, QXO spokesperson Joe Checkler told Patch. Other team members from QXO and formerly Beacon will be on the floor below.

Jacobs held a town hall for the new combined QXO team on Tuesday morning.

"Acquiring Beacon is a major step forward in our strategy to make QXO the leading tech-enabled company in the $800 billion building products distribution industry," Jacobs said in an announcement Tuesday. "We’re excited to welcome Beacon’s talented team and, together, apply our proven playbook to accelerate growth, expand margins, and create an unmatched customer experience."

Beacon, a Fortune 500 company based in Herndon, Va. with annual revenue at $9 billion, was founded in 1928. It has grown to operate over 580 branches throughout all 50 states in the U.S. and seven provinces in Canada.

"Since QXO made its initial offer last November, we have evaluated strategic alternatives to enhance value for all of our shareholders," said Beacon Chairman Stuart Randle in a previous announcement on the merger last month.

"Following our Board’s comprehensive review, we concluded that this transaction is in the best interests of Beacon and its shareholders given the immediate premium and certainty of value in cash it offers, particularly in an uncertain environment," Randle added.

Beacon is now a wholly owned subsidiary of QXO, and its shares ceased trading on the Nasdaq Global Select Market before the opening of the market on April 29.

In conjunction with the acquisition's completion, QXO has also closed its previously announced $830 million equity private placement.

QXO is headquartered at 5 American Lane in the northwest corner of Greenwich. There are roughly 25 employees at offices there. With the acquisition of Beacon, the entire company workforce now stands at over 8,000, Checkler noted.

QXO was launched in 2023 by Jacobs, a Greenwich resident who also founded Stamford-based United Rentals, an equipment-rental company; Greenwich-based XPO, a freight transportation company; and GXO Logistics, an e-commerce logistics company which was spun out of XPO.

Wednesday will mark Jacobs' 10th time ringing the bell at the NYSE, according to the NYSE archive department. Checkler said it's believed Jacobs is second only to John Chen, the former CEO of BlackBerry.