US Roofing Systems LLC

#commercialroofing #generalcontractor #propertymanagement #builttolast #usroofingsystems #facilitymanagement #constructionindustry | Joe Lambert 🏢 Managing multiple contractors shouldn’t feel like a full-time job. ⚠️ More vendors. More communication gaps. More risk of things falling through the cracks. ✅ US Roofing Systems is licensed as both a General Contractor and roofing specialist across 49 states — roofing 🏠, windows .....

MARKET INSIGHTS /
PITCHBOOK RESEARCH /
Q2 2026
QXO Paid $17.3 Billion for a Roofing Company. Have You Paid Attention to the Roofing Sector?
June 29, 2026 | By Jim Corridore
PitchBook clients can access this report and its Excel data pack via the Research Center on the PitchBook Platform.

QXO paid $17.3 billion for a roofing company. Here is what PE needs to know.

In April 2026, QXO announced its acquisition of TopBuild at 14.9x 2025 adjusted EBITDA, setting a clear reference point for what a strategic acquirer will pay for a scaled commercial roofing platform. Before this landmark deal, PE had been steadily moving into roofing since 2019, and the reason is straightforward: Annual revenue for the US roofing contractors market has grown 5% annually over the past five years and is estimated to reach $92.5 billion in 2026, and the industry remains so fragmented that the three largest contractors combined hold less than 4% of the total market share. Most of the roughly 100,000 operators in the market are owner-operated businesses that have never taken institutional capital, and many of them face succession challenges as their founders approach retirement. Sponsors who ran the HVAC and plumbing consolidation trade will recognize the setup immediately.

In light of the QXO deal, this analyst note from PitchBook’s industrials research team covers PE deal and exit activity in roofing from 2019 to present. The note also includes a list of nonbacked-operator deal-sourcing targets drawn from PitchBook data; a roofing-specific due-diligence framework; public comps and recent management commentary; and a full industry primer covering residential, commercial, and industrial end markets. The note also addresses the current cost environment in detail: Section 232 tariffs on steel and aluminum and energy cost inflation tied to the Iran war are creating margin pressure that sponsors need to account for in new platform underwriting.

PE has been steadily increasing its deal activity in roofing, drawn to a fragmented market and strong industry fundamentals.

Table of contents
Key takeaways 1
Recent PE activity 2
Nonbacked companies: Deal-sourcing targets 6
Due-diligence criteria for completing roofing deals 8
Roofing market map 10
Public comps and market commentary 11
Geopolitical impacts of tariffs 13
The Iran war and energy inflation 14
Industry overview 15
References 19