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Billionaire Jacobs Nears $3.5 Billion QXO Equity Offering

Kiel Porter
·1 min read

(Bloomberg) -- QXO Inc, the building products distribution company led by billionaire Brad Jacobs, is close to announcing an equity raise of about $3.5 billion, according to people familiar with the matter.

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The firm will agree to a private placement as soon as this week, said the people, who asked not to be identified because they weren’t authorized to speak publicly. The deal, if completed, would be both the largest equity offering ever in the building products sector and private investment in public equity for industrials, according to data compiled by Bloomberg.

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A representative for QXO declined to comment.

QXO, which was known as SilverSun Technologies until Jacobs Private Equity II led a $1 billion investment in the company in December 2023, which granted them preferred shares that would convert to 219 million common shares at $4.57 apiece.

Jacobs ultimately aims to create a business with more than $40 billion in annual sales, he has previously said.

The company is targeting businesses with sales ranging from $500 million to $1 billion and has been adding staff, including former Barclays Plc global head of mergers and acquisitions, Ihsan Essaid, last month.

Investors in the offering will include LTS Investments, the firm that manages the fortunes of 3G Capital Inc. co-founders Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira, Madrone Capital Partners, which is affiliated with the Walmart family, and T. Rowe Price, the people said.

Jacobs, who remains chairman of his logistics firm XPO Inc. and its spinoffs, also previously led United Rentals Inc. and Waste Management Inc.

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