Construction Partners, Inc. Completes Florida Acquisition

Rhea-AI Summary

Construction Partners, Inc. (NASDAQ: ROAD) has acquired the operational assets of GAC Contractors, Inc., including a hot-mix asphalt plant in Panama City, Florida. This marks the third acquisition in the Florida panhandle within two years, reinforcing the company's commitment to the region. The acquisition enhances operational resources and capabilities, with over 200 former GAC employees joining the team, which is critical for attracting talent. The company operates across five southeastern states and relies heavily on publicly funded projects.

Positive

• Acquisition enhances operational resources and capabilities in a growing market.
• Increased workforce with over 200 former GAC employees contributing to talent pool.
• Third strategic acquisition in the Florida panhandle, indicating strong market focus.

Negative

• None.

Company Enhances Asphalt and Sitework Business in Panhandle

DOTHAN, Ala., March 18, 2022 /PRNewswire/ -- Construction Partners, Inc. (NASDAQ: ROAD) (the "Company"), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways across five southeastern states, today announced that it has acquired the asphalt, grading and sitework operational assets of GAC Contractors, Inc., including its hot-mix asphalt plant in Panama City, Florida. 

Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "Today's transaction represents our third acquisition in the Florida panhandle in the past two years, reflecting our commitment to this dynamic and growing area of the Southeast. The addition of GAC's assets and crews meaningfully enhances our operational resources and capabilities in an existing growth market. At a time when attracting and retaining talent is paramount, we are pleased to welcome more than 200 former GAC employees to our team."

About Construction Partners, Inc.

Construction Partners, Inc. is a vertically integrated civil infrastructure company operating across five southeastern states, with 57 hot-mix asphalt plants, 14 aggregate facilities and one liquid asphalt terminal. Publicly funded projects make up the majority of its business and include local and state roadways, interstate highways, airport runways and bridges. The majority of the Company's public projects are maintenance-related. Private sector projects include paving and sitework for office and industrial parks, shopping centers, local businesses and residential developments. To learn more, visit www.constructionpartners.net.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained herein that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as "seek" "continue," "estimate," "predict," "potential," "targeting," "could," "might," "may," "will," "expect," "should," "anticipate," "intend," "project," "outlook," "believe," "plan" and similar expressions or their negative. The forward-looking statements contained in this press release include, without limitation, statements relating to the benefits of a business acquisition and the expected results of the acquired business. These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements are set forth in the Company's most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K and other reports the Company files with the SEC. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law.

Contact:

Rick Black
Dennard Lascar Investor Relations
ROAD@DennardLascar.com
(713) 529-6600

View original content:https://www.prnewswire.com/news-releases/construction-partners-inc-completes-florida-acquisition-301506058.html

SOURCE Construction Partners, Inc.

FAQ

What assets did Construction Partners acquire from GAC Contractors?

Construction Partners acquired the asphalt, grading, and sitework operational assets, including a hot-mix asphalt plant in Panama City, Florida.

When did the acquisition of GAC Contractors take place?

The acquisition was announced on March 18, 2022.

How does this acquisition impact Construction Partners' operations?

The acquisition enhances operational resources and capabilities in Florida's growing market.

How many employees were added to Construction Partners from GAC Contractors?

Construction Partners welcomed over 200 former GAC employees as part of the acquisition.

How many acquisitions has Construction Partners made in the Florida panhandle?

This is the third acquisition in the Florida panhandle in the past two years.