ROCK announced it plans to acquire OmniMax International, a residential roofing accessories and rainware solutions manufacturer, for $1.335 billion. The company says the deal has committed financing in place, and it expects a close in 2026. The consideration represents a multiple of 12x OmniMax's expected 2025 EBITDA of $110 million (8.4x if adjusting for expected cost synergies and tax benefits). Management says it expects OmniMax to be immediately accretive to ROCK's consolidated EBITDA margin, and accretive to adjusted EPS in year one post-close. Our first impressions of the deal are mixed. We are surprised by the sheer size of the deal (and the amount of debt ROCK is willing to take on in the near term), and we think this was reflected in the stock's 20% decline yesterday (versus the 2% decline of the Russell 2000). Yet in many ways the OmniMax deal simplifies ROCK's story, deepening its positioning in its most profitable segment (Residential) and bringing it closer to a pure play around roofing accessories. For modeling purposes, we assume the deal closes on December 31, 2026; we see the transaction adding 5% to 2027 adjusted EPS. Pro forma leverage (inclusive of cost synergies) will stand at 3.7x, with management targeting 2.0x-2.5x within 24 months of closing. We model leverage of 3.2x by year-end 2027. All in, we view the deal as effectively showing management's commitment to its conviction and ability to execute and “win” in the company's existing swim lanes. Our lowered $70 price target (from $81) is now based on 13x (from 18x) our increased 2027 EPS estimate of $5.40 (previously our 2026 EPS estimate of $4.48). We lowered our multiple as we shift valuation to 2027 and to reflect the increased leverage and execution risk. We maintain a moderate risk rating as the company has a history of solid cash generation and additional levers to pull to reduce debt.