Brad Jacobs, founder, Chairman and CEO of building materials distribution giant QXO, is launching another acquisition platform backed by a $1 billion equity investment.

Jacobs Private Equity II (JPE) and minority co-investors announced Nov. 9 that they have agreed to invest $1 billion in CKX Lands — a publicly traded Louisiana-based landholding company that will be renamed and repositioned as a standalone acquisition platform. Jacobs will become its Chairman and CEO while continuing in those same positions at QXO.

The investment will consist of $900 million from JPE and $100 million from co-investors led by HRTG Partners, formerly Sequoia Heritage. JPE will hold a majority stake in the company following closing, which is expected in early 2027, subject to shareholder approval and other customary conditions.

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The newly formed platform’s target industry remains undisclosed. The announcement described its future market only as an industry to be determined, leaving unanswered whether Jacobs intends to pursue opportunities in distribution, logistics, industrial services or another sector entirely.

“I love building multibillion-dollar market leaders, and this $1 billion investment marks the launch of my ninth company,” Jacobs said. “After concluding my chairmanships of XPO, GXO, and RXO last year, I now have the capacity to create this new venture while continuing to lead QXO to its massive potential.”

Upon the news, QXO’s stock price jumped more than 15% in early trading hours Nov. 9.

The transaction would give JPE and its co-investors approximately 99.78% of CKX’s common stock on a fully convertible or exchangeable basis, before accounting for the exercise of warrants. Existing CKX shareholders are expected to receive an aggregate $20.8 million cash dividend as part of the transaction.

Jacobs has founded or led eight previous billion-dollar or multibillion-dollar companies, including QXO, XPO, GXO Logistics, RXO, United Rentals and United Waste Systems. His companies have collectively completed approximately 500 M&A transactions.

QXO Preliminary Results Show Acquisition-Fueled Growth

Separately on Nov. 9, QXO released preliminary, unaudited financial results for its third quarter ended Sept. 30.

The company reported approximately $4.9 billion in net sales, up 79% from $2.73 billion a year earlier. Adjusted EBITDA increased 85% year-over-year to approximately $557 million from $301 million.

QXO’s preliminary GAAP net loss narrowed to approximately $123 million from $139 million in 3Q25.

The year-over-year gains reflect QXO’s significantly expanded business portfolio, including Kodiak Building Partners, acquired April 1, and TopBuild, acquired July 1. Neither company’s results were included in the year-earlier quarter, limiting the usefulness of a direct comparison as an indicator of organic growth.

QXO expects to release its full 3Q26 financial results Nov. 12.

Analysis Note

QXO’s acquisition spree makes its year-over-year financial comparisons difficult to interpret as a measure of underlying business performance. With Kodiak and TopBuild added during 2026, reported sales and earnings growth will remain significantly skewed by acquisition contributions until the company begins lapping those deals. Comparisons should become more meaningful in 3Q27, the first quarter with a full-year comparison that includes TopBuild, providing a clearer view of QXO’s organic growth and operational improvements.

QXO’s Acquisition and Integration Playbook

The latest developments come after Jacobs transformed QXO into a major building products distribution platform through three large acquisitions in approximately 14 months.

QXO completed its $10.6 billion acquisition of roofing distributor Beacon in April 2025, followed by its approximately $2.25 billion acquisition of Kodiak Building Partners in April 2026. The company then completed its $17 billion acquisition of insulation distributor and installer TopBuild in July.

Together, those deals established QXO as a market leader across insulation, roofing, waterproofing, lumber and other building materials. The company is targeting $50 billion in annual revenue within the decade.

In investor Q&A documents released earlier this year, QXO outlined an acquisition and integration strategy centered on building scale, transforming operations and deploying technology across acquired businesses.

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Rather than relying solely on branch consolidation or purchasing leverage, QXO’s strategy emphasizes improving pricing discipline, procurement efficiency, inventory productivity, transportation, private-label penetration and cross-selling.

The company has also outlined an ambitious technology modernization program involving ERP, warehouse management, customer relationship management, eCommerce, pricing optimization and artificial intelligence.

In July, QXO described technology as the foundation for transforming independently operated acquired businesses into a connected distribution network. It also outlined a path to approximately $4 billion in adjusted EBITDA by 2030 through organic improvements, with a potential $5.5 billion including additional acquisitions.

Whether Jacobs intends to replicate that approach in his new venture remains unclear. However, the CKX announcement specifically cited operational excellence, technology deployment, disciplined acquisitions and organic growth as recurring elements of his previous company-building strategy.

MDM Analysis

The biggest question surrounding Jacobs’ latest venture is which industry he intends to consolidate. His experience building large businesses in logistics, equipment rental and building materials distribution makes those sectors worth watching, although neither Jacobs nor the announcement has identified a target market. Equally important is whether the new platform follows QXO’s technology-driven acquisition and integration model, using operational improvements to accelerate EBITDA growth. With Jacobs retaining leadership of QXO, investors and distribution executives should also watch how he allocates attention and capital between two potentially ambitious acquisition platforms.