Construction Partners, Inc. Completes North Carolina Acquisition

Rhea-AI Summary

Construction Partners, Inc. (NASDAQ: ROAD) has acquired Southern Asphalt, Inc., a leading asphalt paving contractor in Wilmington, North Carolina. This strategic acquisition, announced on March 7, 2022, allows Construction Partners to penetrate a dynamic new market and enhance its expertise with a skilled team. The Company operates across five southeastern states with a focus on public infrastructure projects. Southern Asphalt is recognized for its strong presence in the commercial paving sector, which is expected to contribute positively to Construction Partners' growth.

Positive

• Strategic acquisition enhances market position in North Carolina.
• Access to an experienced team of paving professionals.
• Strengthens presence in the commercial paving market.

Negative

• None.

DOTHAN, Ala., March 7, 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 Southern Asphalt, Inc., an asphalt paving contractor based in Burgaw, North Carolina, that primarily serves the Wilmington, North Carolina metro area. 

Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "With today's transaction, we have entered a new and dynamic market and added an experienced team of paving professionals. For years, Southern Asphalt has been a leader in the commercial paving market in southeastern North Carolina and particularly in the Wilmington metro area. We are pleased to welcome Jimmy and Larry Sanderford and their team to Construction Partners."

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-north-carolina-acquisition-301496954.html

SOURCE Construction Partners, Inc.

FAQ

What is the significance of Construction Partners' acquisition of Southern Asphalt?

The acquisition allows Construction Partners to enter a new market in southeastern North Carolina, enhancing its capabilities and market presence.

When was the acquisition of Southern Asphalt announced?

The acquisition was announced on March 7, 2022.

What is the stock symbol for Construction Partners, Inc.?

The stock symbol for Construction Partners, Inc. is ROAD.

How does the acquisition impact Construction Partners' operations?

The acquisition is expected to improve Construction Partners' market reach and bolster its expertise in commercial paving projects.