Construction Partners, Inc. Completes North Carolina Acquisition

Rhea-AI Summary

Construction Partners, Inc. (NASDAQ: ROAD) announced the acquisition of C.K. Earnhardt & Son in Albemarle, North Carolina, enhancing its operations in the greater Charlotte area. This acquisition adds a hot-mix asphalt plant, personnel, and equipment, positioning the Company for growth in a region with favorable demographic trends and strong infrastructure funding. The Company operates across five southeastern states, focusing on public and private sector projects including roadways and residential developments.

Positive

• Acquisition of C.K. Earnhardt & Son expands geographic footprint in North Carolina.
• Addition of a hot-mix asphalt plant enhances operational capacity in the Charlotte area.
• Strategic positioning for participation in the eastward development of Charlotte.

Negative

• None.

DOTHAN, Ala., Sept. 10, 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 C.K. Earnhardt & Son, Incorporated, headquartered in Albemarle, North Carolina. As a result of the acquisition, the Company added a hot-mix asphalt plant, personnel and equipment in the greater Charlotte metropolitan area. 

Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "Today's transaction represents a further expansion of our geographic footprint within North Carolina, a state that we believe has tremendous potential for continued growth in light of favorable demographic trends and a healthy infrastructure funding program. In particular, with a plant in Albemarle, we expect to be able to participate in the ongoing eastward development of the Charlotte metro area."

About Construction Partners, Inc.

Construction Partners, Inc. is a vertically integrated civil infrastructure company operating across five southeastern states, with 53 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-north-carolina-acquisition-301373574.html

SOURCE Construction Partners, Inc.

FAQ

What is the significance of the acquisition announced by Construction Partners, Inc. on Sept 10, 2021?

The acquisition of C.K. Earnhardt & Son enhances Construction Partners' operational capacity in North Carolina, particularly in the Charlotte area, allowing for increased participation in local infrastructure projects.

How will the acquisition of C.K. Earnhardt & Son impact Construction Partners, Inc. (NASDAQ: ROAD)?

The acquisition is expected to strengthen Construction Partners' presence in North Carolina and enable the company to capitalize on growth opportunities in the Charlotte metro area.

What assets did Construction Partners, Inc. acquire from C.K. Earnhardt & Son?

The Company acquired a hot-mix asphalt plant, personnel, and equipment as part of the C.K. Earnhardt & Son acquisition.

What are the expected benefits of the acquisition for Construction Partners, Inc. investors?

Investors can anticipate potential revenue growth and enhanced market positioning as Construction Partners expands its operations within a region experiencing favorable infrastructure funding.