CPI acquires Lone Star Paving for $654M cash + 3M shares; reports record FY2024 preliminary results

Construction Partners, Inc.

Acquisition of Lone Star (Austin, TX) for $654M cash + 3M Class A shares; HSR cleared; expected close by Dec 31, 2024.
Lone Star's FY2025 annualized run-rate contribution: $530M revenue, $120M Adj EBITDA; transaction immediately accretive.
FY2024 prelim: Revenue $1.821-1.825B (up 17% YoY), net income $68-70M (up 40%+), Adj EBITDA $219-222M (up 27%).
FY2025 outlook: Revenue $2.420-2.520B; Adj EBITDA margin target of 13-14% by FY2025, two years ahead of ROAD-Map 2027.
Entered $750M bridge loan facility to finance cash consideration; BofA Securities and PNC Capital Markets lead arrangers.

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