Construction Partners Agrees To Acquire Asphalt Inc., LLC d/b/a Lone Star Paving, For $654M In Cash And 3M Shares Of Class A Common Stock
Portfolio Pulse from Benzinga Newsdesk
Construction Partners, Inc. (CPI) has agreed to acquire Asphalt Inc., LLC, known as Lone Star Paving, for $654 million in cash and 3 million shares of Class A Common Stock. This acquisition is expected to be immediately accretive to earnings and contribute significantly to CPI's revenue and EBITDA by fiscal 2025. The transaction is anticipated to close in the first quarter of CPI's 2025 fiscal year.
October 21, 2024 | 10:05 am
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Construction Partners, Inc. (CPI) is acquiring Lone Star Paving for $654M in cash and 3M shares, expected to enhance earnings and revenue by fiscal 2025. The acquisition will be financed through debt and is set to close in the first quarter of fiscal 2025.
The acquisition of Lone Star Paving is a significant move for CPI, expected to be immediately accretive to earnings and contribute $530M in revenue and $120M in EBITDA by fiscal 2025. This strategic acquisition in high-growth markets will likely positively impact CPI's stock price in the short term.
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