Tracy Alloway

Not overly intrusive in the due diligence, but the afternoon's a little tight.

So what made you comfortable with the premium?

Because again, 23% on the existing share price of Top Build, that's a pretty nice amount of money.

Yeah, it's a fair price.

It's not a terribly high price.

It's not a terribly low price.

When you're looking at multiples of EBITDA,

It's 14.9 times 2025 EBITDA pre-synergies and about 11.8 times EBITDA post-synergies, the expected synergies.

So it's reasonably priced.

It's a lower multiple than we trade at, which is very important because that's where you get the accretion, the accretion to earnings per share.

This is going to be a massively accretive transaction for us.

Talk to us about setting aside this acquisition, which we'll come back to.

How does business feel over the last year?

You know, just general economic conditions in the building materials distribution world.

What's been the last year like?

Super soft.

Super, super soft.

Now, super soft because demand in general in building and construction is soft, is weak, and we're not immune to that.

But we've mostly been in roofing up until recently.

Now, roofing is a special animal because it's extremely affected by...