Construction Partners, Inc. Completes Alabama Acquisition

Rhea-AI Summary

Construction Partners, Inc. (NASDAQ: ROAD) has acquired John G. Walton Construction Company, Inc., based in Mobile, Alabama. This strategic acquisition includes a hot-mix asphalt plant and related equipment, expanding ROAD's presence into the Mobile metro area. The new plant's location offers both water and rail access, positioning ROAD to serve the growing southwestern Alabama market effectively.

CEO Fred J. (Jule) Smith, III highlighted the significance of this acquisition, noting that it gives ROAD a presence in all four of Alabama's largest markets. The company continues to seek further investment opportunities to strengthen its operations in the state. This move aligns with ROAD's strategy of vertical integration and expansion in the southeastern United States.

Positive

• Acquisition of John G. Walton Construction Company expands ROAD's market presence in Alabama
• Strategic hot-mix asphalt plant location with water and rail access in Mobile
• Entry into the fourth largest market in Alabama, completing presence in all major state markets
• Potential for increased revenue and market share in the growing Mobile metro area

Negative

• None.

Company Expands into Mobile, Alabama

DOTHAN, Ala., Sept. 10, 2024 /PRNewswire/ -- Construction Partners, Inc. (NASDAQ: ROAD) (the "Company"), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways across six southeastern states, today announced that it has acquired John G. Walton Construction Company, Inc., headquartered in Mobile, Alabama. In connection with the transaction, the Company added a hot-mix asphalt plant and related crews and equipment serving the greater Mobile and southwestern Alabama market area.

Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "We are pleased to announce today's acquisition of John G. Walton Construction Company. With a strategic hot-mix asphalt plant site accessible by both water and rail, this transaction provides us with an exceptional location from which to begin serving the dynamic and rapidly growing Mobile metro area. We now have plants in the four largest markets in Alabama and continue to seek attractive investment opportunities to further enhance our operations in the state." 

About Construction Partners, Inc.

Construction Partners, Inc. is a vertically integrated civil infrastructure company operating across six southeastern states. Supported by its hot-mix asphalt plants, aggregate facilities and liquid asphalt terminals, the Company focuses on the construction, repair and maintenance of surface infrastructure. Publicly funded projects make up the majority of its business and include local and state roadways, interstate highways, airport runways and bridges. The company also performs private sector projects that 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-alabama-acquisition-302244178.html

SOURCE Construction Partners, Inc.

FAQ

What company did Construction Partners (ROAD) acquire in Alabama?

Construction Partners, Inc. (ROAD) acquired John G. Walton Construction Company, Inc., headquartered in Mobile, Alabama.

What assets were included in ROAD's Alabama acquisition?

The acquisition included a hot-mix asphalt plant, related crews, and equipment serving the greater Mobile and southwestern Alabama market area.

How does the Alabama acquisition benefit Construction Partners (ROAD)?

The acquisition provides ROAD with entry into the Mobile metro area, a strategic plant location with water and rail access, and expands its presence to all four largest markets in Alabama.

When did Construction Partners (ROAD) announce the Alabama acquisition?

Construction Partners, Inc. (ROAD) announced the acquisition of John G. Walton Construction Company on September 10, 2024.