roofing acquisitions in North America since 2021
95% of them in the United States (280)Sector perspectives · Roofing · October 2026
Roofing consolidation has reached Quebec.
What 294 North American acquisitions, from January 2021 to October 21, 2026, reveal for the owner of a commercial, industrial or institutional roofing company.
01
Groups are buying in series.
of transactions completed by serial buyers
49 buyers with two or more acquisitionsgroups have been buying roofing companies in Quebec since 2024
Walter and Alfar, CanPro (Fengate), Toiture QuébecAcquisitions by year, mostly in the United States
Industry buyersInvestment funds
45
33
54
57
71
34
202120222023202420252026*
* 2026: January 1 to October 21. Base of 294 transactions, Tribal Capital analysis. Several industry buyers are owned by a fund.
2025 was a record year
71 acquisitions in 2025. The wave is mainly American: 280 of the 294 transactions. According to KPMG, roofing services are a US$50 to US$100 billion market in the United States, and the two largest contractors hold only about 4% to 6% of it.
Who buys roofing companies
Of the 294 acquisitions, 126 were made by groups of roofing contractors and 90 by investment funds. Distributors (46) and manufacturers (18) mostly buy within their own segment. The other 14 came from renovation and service companies.
How a group enters a region
A platform is a group that buys roofing companies and combines them. To enter a region, it buys an established contractor with its crews and clients: that is what CanPro did with Toiture Perreault, in Blainville.
| Acquirer | Activity | Acquisitions | Note |
|---|---|---|---|
| Tecta America | Commercial roofing contractor | 17 | At least one acquisition every year since 2021 |
| Roofing Corp of America | Commercial roofing contractor | 10 | FirstService (Toronto) acquired control in 2023 |
| ABC Supply | Distributor | 10 | Four Canadian distributors acquired since 2022 |
| SRS Distribution | Distributor | 10 | Acquired by Home Depot in 2024 |
| Ridgeline Roofing | Residential roofing contractor | 8 | Eight acquisitions since 2025 |
| Cornerstone Building Brands | Manufacturer | 4 | Bought MAC Metal Architectural, in Quebec, in 2023 |
The most active acquirers in our database, number of acquisitions from 2021 to 2026.
02
What buyers pay in roofing.
Buyers pay a multiple of EBITDA: earnings before interest, taxes, depreciation and amortization. At 7x, the business is worth $7 for each dollar of EBITDA. What the shareholder receives then depends on debt, cash and the stake sold.
US benchmarks, mostly residential reroofing
Private roofing contractors: 8x to 11x at the 2022 and 2023 peak, 6x to 9x in 2024 (Anchor Peabody, Winter 2025). For commercial roofing, the best benchmark is Progressive Roofing, in the table.
Key takeaway
Size, profitability and the share of maintenance work explain the price differences. The companies in the table are much larger than a typical roofing business, which usually sells at a lower multiple.
| Company | Acquirer | Activity | Year | Value | EBITDA multiple |
|---|---|---|---|---|---|
| Roofing contractors | |||||
| Progressive Roofing | TopBuild | Commercial, industrial and institutional roofing; revenue US$438M, EBITDA US$89M (12 months ended March 2025) | 2025 | US$810M | 9.1x |
| Roofing Corp of America | FirstService | Commercial roofing; revenue of about US$400M; management kept the remaining shares | 2023 | US$413M, controlling interest | not disclosed |
| Manufacturer | |||||
| Building Products of Canada | Saint-Gobain | Asphalt shingles; plants in Montreal, Pont-Rouge and Edmonton | 2023 | C$1,325M | 11.9x |
| Large distributors | |||||
| Beacon | QXO | Roofing products distribution | 2025 | ≈ US$11,000M | 10.8x (2025 forecast EBITDA) |
| SRS Distribution | Home Depot | Roofing products distribution | 2024 | US$18,250M | 16.1x (2023 adjusted EBITDA) |
Value: price of the whole company, including debt, unless noted. Multiples before synergies, meaning before the savings the buyer expects to achieve. After synergies: 8.6x for Progressive Roofing, 8.2x for Building Products of Canada.
What raises a roofing contractor’s multiple.
- Reroofing and maintenance rather than new construction. At Progressive Roofing, sold at 9.1x, about 70% of revenue comes from reroofing and maintenance. Fengate, which launched CanPro, avoids roofers focused on new construction, which it sees as more cyclical: a commercial roof is replaced every 20 to 25 years, whatever happens to construction starts. To document: the share of your revenue from reroofing, repair and maintenance.
- Revenue the buyer can see in advance. A buyer separates signed maintenance contracts, repeat clients (school service centres, hospital networks, property managers) and signed backlog. To document: your maintenance contracts, sales by client over five years and your signed backlog.
- A team that runs day to day without you. Quebec had 6,291 employees in the roofer trade in 2025, down 4.1% (CCQ). Walter Capital presents the 330 workers of Toitures Couture and Couverture Montréal-Nord as an answer to the labour shortage. To document: crew retention and what your foremen handle without you.
03
Roofing groups are already here.
Since 2024, three groups have been buying roofing companies in Quebec, mostly in commercial, industrial and institutional roofing. They are looking for reroofing, maintenance and strong crews.
Walter Capital and Alfar Capital
July 2026. Toitures Couture (1981) and Couverture Montréal-Nord (1954), both in Greater Montreal, combine: 330 workers, the largest roofing workforce in Quebec according to the announcement. Targets Quebec, Ontario and the Maritimes. The original shareholders keep a significant stake and their roles.
CanPro Roofing Partners (Fengate)
July 2025. First acquisition: Toiture Perreault (Blainville). Targets companies owned by their founders with C$10M to C$100M of revenue, one to two acquisitions a year, with Ontario as a priority. Vincent Perreault keeps a significant stake.
Toiture Québec
April 2024. Acquired Les Entreprises J. Chabot (Quebec City), a specialist in single ply membranes. The group has more than 200 employees according to the announcement.
| Year | Company | Activity | Acquirer | Type |
|---|---|---|---|---|
| 2026 | Toitures Couture and Couverture Montréal-Nord | Reroofing | Walter Capital, Alfar Capital | Quebec funds |
| 2026 | Metalunic (Coteau-du-Lac) | Metal panels | Norea Capital | Quebec fund |
| 2025 | Toiture Perreault (Blainville) | Commercial roofing | CanPro (Fengate) | Canadian fund |
| 2024 | Les Entreprises J. Chabot (Quebec City) | Commercial roofing | Toiture Québec | Quebec group |
| 2023 | MAC Metal Architectural | Metal roofing and cladding | Cornerstone Building Brands | US manufacturer |
| 2023 | Building Products of Canada | Asphalt shingles | Saint-Gobain | French manufacturer |
| 2023 | Groupe Alcor | Roofing equipment and distribution | Produits pour toitures Fransyl | Quebec group |
| 2022 | Duchesne et Fils (Yamachiche) | Roofing and cladding materials | Namakor Holdings | Investment group |
Elsewhere in Canada: ABC Supply has bought four distributors since 2022 (Alberta, British Columbia, Ontario). Infinity Home Services entered in 2024 with D’Angelo & Sons, in Hamilton.
Roofing groups change hands
Progressive Roofing (sold by Bow River to TopBuild in 2025), Nations Roof (sold by Acacia to AEA in 2024) and Southern Exteriors (sold by Halifax to Monomoy in 2024) were built or backed by a fund before being resold. An owner who keeps shares in the group can receive a second payment when it is resold.
Five things to document before a sale
Margin per job, warranty and rework costs, maintenance share, weight of your three largest clients, your foremen’s role. At Toitures Couture, Toiture Perreault and Roofing Corp of America, the sellers kept part of the shares: you don’t have to sell everything.
Method: 294 roofing acquisitions in North America, January 1, 2021 to October 21, 2026 (Tribal Capital database). Sources: acquirer press releases, Anchor Peabody (2025), Fengate quoted by Mergermarket (2025), KPMG (2026), CCQ (2025). Not exhaustive.
Download the three page version.
Market briefs
Get the next brief.
Transactions, active buyers and valuations, sector by sector. One email for each new brief, in English or French.
A first conversation
Which groups would be interested in your roofing company?
A confidential 30 minute conversation: which buyers, how they would value you and what would raise your multiple. The first conversation does not commit you to any process.