Construction Partners, Inc. Completes Florida Acquisition

Rhea-AI Summary

Construction Partners, Inc. (NASDAQ: ROAD) announced its acquisition of J. Miller Construction Inc., a Pensacola-based grading and sitework contractor, enhancing its construction services in the Florida Panhandle. This strategic acquisition aims to strengthen the company's market presence and operational capabilities in the rapidly growing area, following its initial entry into Pensacola earlier in 2021. The move adds a skilled workforce to its team and is expected to support the company's ongoing projects across state roadways and private sector developments.

Positive

• Acquisition enhances vertical integration in Florida Panhandle market.
• Strengthens operational capabilities with an experienced workforce.
• Expected to support growth in public and private sector projects.

Negative

• None.

DOTHAN, Ala., Oct. 18, 2021 /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 J. Miller Construction Inc., a grading and sitework contractor based in Pensacola, Florida. 

Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "We are pleased with this strategic acquisition, which further enhances our vertical integration of construction services in the rapidly growing Florida Panhandle markets. J. Miller Construction is a well-respected grading and sitework contractor in the greater Pensacola area, servicing markets in both Florida and Alabama. Following our initial entry into Pensacola last March, this transaction strengthens our capabilities by adding a talented and experienced workforce to our team."

About Construction Partners, Inc.

Construction Partners, Inc. is a vertically integrated civil infrastructure company operating across five southeastern states, with 56 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-301402632.html

SOURCE Construction Partners, Inc.

FAQ

What is the significance of Construction Partners' acquisition of J. Miller Construction Inc. on October 18, 2021?

The acquisition enhances Construction Partners' operational capability in the Florida Panhandle and strengthens its market presence.

How does the acquisition of J. Miller Construction benefit Construction Partners (ROAD)?

It adds a skilled workforce and supports the company's growth in both public infrastructure and private sector projects.

What markets will Construction Partners expand into with this acquisition?

The acquisition focuses on expanding operations in the Florida Panhandle, particularly in Pensacola and surrounding areas.

What are the potential risks associated with the acquisition for shareholders of ROAD?

Potential integration challenges and financial strains from the acquisition could affect shareholder value, though specific risks weren't detailed.