QXO, Inc. announced it has completed its acquisition of Kodiak Building Partners from Court Square Capital Partners for approximately $2.25 billion, a deal the company expects to be highly accretive to 2026 earnings.

The purchase triples QXO's total addressable market to more than $200 billion, placing the Greenwich, Conn.-based distributor in nearly every major building products category, according to Joe Checkler, QXO's senior vice president of communications.

QXO is paying roughly 10.7x Kodiak's 2025 EBITDA of $211 million, or about 0.95x sales — a multiple the company believes is advantageous, particularly given its view that the housing cycle is near a cyclical trough. After factoring in expected cost savings and efficiencies, the EBITDA multiple drops to approximately 7.3x.

The deal gives QXO an entry into lumber, which Checkler described as "crucially important" because it represents the first point of entry on most construction projects. The company also cited significant cross-sell potential, with 16 of Kodiak's top 20 vendors already shared with QXO. Owning Kodiak is expected to expand QXO's sales reach to homebuilders and large general contractors, improve demand visibility, and sharpen inventory planning.

Kodiak co-founder Steve Swinney, who will lead QXO's new lumber and building materials division, called the deal "a definitive capstone" for Kodiak. Chairman and CEO Brad Jacobs said the acquisition keeps QXO on track toward its target of $50 billion in annual revenue.