Tracy Alloway

One thing that's interesting, though, to me, just learning about Top Build today, in addition to seeing their stock,

They had also been a serial acquirer.

And in fact, it said like in one of their recent presentations, this has been one of their main strategies.

So why don't you like talk about like, who is this company Top Build?

What do they do?

Tell us a little bit about this, the history and the footprint of this company that you're buying.

Top Build is the largest installer and distributor of insulation.

And as you were just saying, everybody needs insulation.

Every house needs insulation in the walls.

Every office building needs insulation everywhere.

It's a needed product, and it's not going anywhere.

It's not going to be disrupted by AI or LLMs.

It's just not going to go away.

So when we complete the merger, we'll be number one in insulation.

We'll be the second biggest in roofing.

We'll be number one in waterproofing.

And we'll hold number one or number two positions in certain geographies within lumber and building materials.

So we'll have a huge addressable market, several hundred billion dollars.

So I take the point that everyone needs insulation.

This is definitely true.