Construction Partners (ROAD) has entered into a definitive agreement to acquire Asphalt Inc. d/b/a Lone Star Paving, headquartered in Austin, Texas. CPI will acquire all of the outstanding membership units of Lone Star for $654 million in cash and 3 million shares of CPI's Class A common stock. Lone Star is a vertically integrated asphalt manufacturing and paving company, with 10 hot-mix asphalt plants, four aggregate facilities, and one liquid asphalt terminal supporting its operations.
Construction Partners said the acquisition will be immediately accretive to earnings upon closing and is anticipated to generate an annualized run-rate contribution of $530 million of revenue and $120 million of adjusted EBITDA in fiscal 2025.
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