Construction Partners to Acquire Lone Star Paving in Cash and Stock Deal

MT Newswires Live

2024/10/21

Construction Partners (ROAD) said Monday it has agreed to acquire asphalt manufacturing and paving firm Asphalt, doing business as Lone Star Paving, for $654 million in cash and 3 million shares of Construction Partners' Class A common stock,

Additionally, Construction Partners will purchase an entity holding certain real property from the sellers of Lone Star for $30 million in cash upon receipt of specified governmental entitlements as well as pay the sellers the remaining working capital in four quarterly installments after closing.

Construction Partners said it expects to finance the cash portion of the purchase through debt financing, with the transaction expected to close in fiscal Q1.

The acquisition is expected to generate an annualized run-rate of $530 million in revenue and $120 million in adjusted EBITDA in fiscal 2025, Construction Partners said.

Price: 76.01, Change: +1.31, Percent Change: +1.75

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