Construction Partners, Inc. (ROAD): M&A transaction — Construction Partners closes Lone Star Paving acquisition; raises FY2025 outlook

Construction Partners, Inc.

Acquisition closed Nov 1 for $654.2M cash and 3.0M shares of Class A common stock.
Issued $850M term loan with Bank of America as administrative agent to finance deal and refinance debt.
Lone Star becomes Texas platform company operating in central Texas high-growth markets.
FY2025 revenue guidance raised to $2.48B–$2.58B; Adjusted EBITDA $347M–$377M.
Net income guidance $97M–$113M; expects meaningful Lone Star contribution in last two months of Q1.

item 1.01 item 2.01 item 2.03 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Construction Partners, Inc. completed an acquisition involving Asphalt Inc., LLC (doing business as Lone Star Paving) for $654.2 million in cash and 3.0 million shares of Class A Common Stock (closed 2024-11-01).

Action: acquisition
Counterparty: Asphalt Inc., LLC (doing business as Lone Star Paving)
Consideration: $654.2 million in cash and 3.0 million shares of Class A Common Stock
Closing: 2024-11-01

Exact text from the filing

the Company completed its previously announced Acquisition of Lone Star pursuant to the Purchase Agreement. The aggregate consideration delivered at the Closing consisted of (i) $654.2 million in cash (as adjusted pursuant to the Purchase Agreement) and (ii) 3.0 million shares (the “Closing CPI Shares”) of the Company’s Class A common stock, par value $0.001 per share

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Construction Partners, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-250619

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