TopBuild Corp.’s Acquisition of United Subcontractors Inc.

Compass Lexecon was retained by counsel for TopBuild to evaluate the competitive effects of its $475 million acquisition of United Subcontractors Inc. (USI). The parties owned and operated the #1 and #3 nationwide insulation installation services companies in the U.S., with a combined total of 200 service branch locations. Compass Lexecon analyzed the parties’ data on service branches and customer locations to assess competitive overlaps. Compass Lexecon compiled a database of insulation installation competitors that was submitted to the FTC, showing the parties faced a substantial number of local competitors in metro areas where TopBuild and USI had one or more service locations that overlapped. The FTC cleared the transaction without conditions without a second request. The Compass Lexecon team was led by Drs. Mary Coleman and Aren Megerdichian and also included Matthew Krietzberg, Runbo Li, Evan Thompson, and Rob Foley. Compass Lexecon worked closely with counsel representing TopBuild Corp., including Stephen Pepper and Rebecca Tracy Rotem of Greenberg Traurig, LLP, as well as counsel representing USI, including Adam DiVincenzo and Stephanie Pearl of Gibson, Dunn & Crutcher LLP.