Construction Partners, Inc. Completes North Carolina Acquisition

Rhea-AI Summary

Construction Partners, Inc. (NASDAQ: ROAD) announced the acquisition of R.P.C. Contracting, Inc., enhancing its presence in North Carolina by adding two hot-mix asphalt plants. This move aims to capture new markets, including the Outer Banks, and supports ongoing growth strategy following recent acquisitions. COO Fred J. (Jule) Smith, III emphasized the importance of retaining acquired management teams to drive future success. With 48 asphalt plants, the company primarily focuses on public sector projects, including roadways and airport runways.

Positive

• Acquisition of R.P.C. Contracting adds two hot-mix asphalt plants, expanding market presence in North Carolina.
• Continued growth strategy with four acquisitions in North Carolina this quarter showing strong interest from industry operators.
• Retention of key team members from acquired businesses supports integration and operational success.

Negative

• None.

DOTHAN, Ala., Dec. 18, 2020 /PRNewswire/ -- Construction Partners, Inc. (NASDAQ: ROAD) (the "Company" or "Construction Partners"), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways across five southeastern states, today announced that it has acquired R.P.C. Contracting, Inc., an asphalt and paving contractor based in Kitty Hawk, North Carolina. The transaction adds two hot-mix asphalt plants to the Company's North Carolina footprint. 

"Today's transaction adds two dynamic markets in northeastern North Carolina, including the Outer Banks, and extends the geographic territory we added in our recent acquisition of Rose Brothers Paving Company," said Fred J. (Jule) Smith, III, Chief Operating Officer of Construction Partners.

Smith continued, "We believe that operators in our industry are drawn to Construction Partners as a dynamic and growing organization, with opportunities for continued growth and success following the completion of a sale transaction. Of the four businesses we have acquired in North Carolina this quarter, three of the owners have chosen to remain with our Company and will contribute to our future success.  We welcome Robbie Parker and his team to Construction Partners."

About Construction Partners, Inc.

Construction Partners, Inc. is a vertically integrated civil infrastructure company operating across five southeastern states, with 48 hot-mix asphalt plants, nine 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:http://www.prnewswire.com/news-releases/construction-partners-inc-completes-north-carolina-acquisition-301196218.html

SOURCE Construction Partners, Inc.

FAQ

What is the purpose of Construction Partners' acquisition of R.P.C. Contracting?

The acquisition aims to expand Construction Partners' market presence in North Carolina and enhance its asphalt production capabilities.

How many asphalt plants does Construction Partners operate after the acquisition?

After the acquisition of R.P.C. Contracting, Construction Partners operates a total of 48 hot-mix asphalt plants.

What regions are affected by the acquisition of R.P.C. Contracting?

The acquisition adds two hot-mix asphalt plants specifically in northeastern North Carolina, including the Outer Banks.

What are the expected benefits of the acquisition for Construction Partners?

The acquisition is expected to drive growth, enhance market presence, and leverage synergies from retained management teams.

When was the acquisition of R.P.C. Contracting completed?

The acquisition was announced on December 18, 2020.