Construction Partners, Inc. Completes South Carolina Platform Company Acquisition

Rhea-AI Summary

Construction Partners, Inc. (NASDAQ: ROAD) announced the acquisition of King Asphalt, Inc., a full-service hot-mix asphalt and paving company based in Liberty, South Carolina. King operates three asphalt plants in the Greenville metro area and serves various public, commercial, and residential projects. The acquisition aims to enhance Construction Partners' operations in South Carolina's rapidly growing Upstate region, providing a strategic platform for future expansion. The company operates 56 asphalt plants and focuses primarily on public sector projects, including roadways and airport runways.

Positive

• Strategic acquisition of King Asphalt enhances operational capacity in South Carolina.
• King Asphalt's three plants will facilitate expansion in the Upstate region.
• Increased presence in public sector projects supporting infrastructure growth.

Negative

• None.

DOTHAN, Ala., Oct. 4, 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 King Asphalt, Inc. ("King"), a full-service hot-mix asphalt and paving company headquartered in Liberty, South Carolina.  With three hot-mix asphalt plants in the Greenville, South Carolina metro area, King provides asphalt contracting services for a variety of public, commercial and residential projects.

Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "We are pleased to welcome King Asphalt to the Construction Partners family of companies. Under the continuing leadership of Mike Crenshaw and his talented team, we believe King is well-positioned to participate in the dynamic economy and rapid growth occurring in the Upstate region of South Carolina. While we have worked in South Carolina for many years, we are excited to now have a platform company with three hot-mix asphalt plants, skilled crews and an experienced management team to lead future expansion in the state."

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-south-carolina-platform-company-acquisition-301391526.html

SOURCE Construction Partners, Inc.

FAQ

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

The acquisition strengthens Construction Partners' foothold in South Carolina and supports future growth in the rapidly expanding Upstate region.

When was the acquisition of King Asphalt by Construction Partners announced?

The acquisition was announced on October 4, 2021.

How many plants does King Asphalt operate?

King Asphalt operates three hot-mix asphalt plants located in the Greenville metro area of South Carolina.

What types of projects does King Asphalt undertake?

King Asphalt provides asphalt contracting services for public, commercial, and residential projects.

What is the primary focus of Construction Partners, Inc.?

Construction Partners specializes in the construction and maintenance of roadways, with a significant portion of its business in publicly funded projects.