07/18/2025
Citizens Serves as Lead Financial Advisor to Progressive Roofing on its $810 Million Acquisition by TopBuild Corp
PROVIDENCE, RI — Citizens Capital Markets & Advisory announced today that it served as the lead financial advisor to Progressive Roofing, a provider of commercial roofing services to education, technology, industrial, healthcare and government clients, on its agreement to be acquired by TopBuild Corp. (NYSE: BLD) in an all-cash transaction valued at $810 million. Progressive was previously a portfolio company of Denver-based Bow River Capital, a middle-market private equity firm.
Founded in 1978 and headquartered in Phoenix, Progressive provides a full suite of commercial roofing services including installation, re-roofing and recurring maintenance services to customers across the United States. Over the last four years, the company experienced strong organic growth and executed on a disciplined and deliberate acquisition strategy. Progressive has more than 1,700 employees.
Nick Hadden, CEO of Progressive, said: “The Citizens team provided sound guidance and leverage throughout the entire process. They always acted with our best interest in mind, and we appreciate the time they took to learn our business and lead this transaction. We thoroughly enjoyed working with the Citizens team and are excited to begin our partnership with TopBuild.”
Greg Hiatrides, Managing Director and Head of Private Equity at Bow River Capital, added: “The Citizens team served as a trusted partner to Bow River from pitch to close. Their experience in the commercial roofing sector was instrumental to achieving a successful outcome for all parties.”
Ryan Sugrue, Managing Director at Citizens, said: “This was a transformational transaction for Progressive and Bow River. Management has built an industry-leading platform that is positioned for long-term growth through its new partnership with TopBuild. We look forward to following their continued success.”
Citizens Capital Markets & Advisory offers investment banking, research, sales and trading activities as part of our institutional broker-dealer, Citizens JMP Securities, LLC, a subsidiary of Citizens Financial Group (NYSE: CFG).
About Citizens Financial Group, Inc..
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $218.3 billion in assets as of June 30, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.
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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others. The testimonials are not paid and are not indicative of future performance or success.
Contact:Frank Quaratiello
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