Construction Partners, Inc. Completes Oklahoma Acquisition
Rhea-AI Summary
Construction Partners (NASDAQ: ROAD) announced the acquisition of Ellsworth Construction, an asphalt manufacturing and construction company based in Tulsa, Oklahoma. Ellsworth operates a hot-mix asphalt plant in Broken Arrow and holds a permitted asphalt plant site in the Greater Oklahoma City area, serving public and private infrastructure projects, including multiple data center projects in both metro regions.
The acquired operations will continue as a branded division of Construction Partners’ Oklahoma platform company, Overland Corporation. According to Construction Partners, Ellsworth’s existing leadership, including Nathan Ellsworth, will continue to lead the business, supporting continuity in the Tulsa and Oklahoma City markets and aligning with Overland’s existing data center project portfolio in north Texas.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive
- Completed acquisition of Ellsworth Construction, expanding Oklahoma footprint
- Gains asphalt plant in Broken Arrow plus a permitted Oklahoma City site
- Strengthens position in Tulsa and Oklahoma City infrastructure markets
- Adds experienced local crews and leadership continuity via Nathan Ellsworth
- Enhances exposure to data center construction projects across Oklahoma and north Texas
Negative
- None.
Previous Acquisition Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 01 | Tennessee acquisition | Positive | -6.2% | Closed Four Star Paving deal to expand vertically integrated presence in Nashville. |
| Feb 02 | Texas acquisition | Positive | +3.9% | Acquired GMJ Paving, adding a Baytown hot-mix plant to Houston footprint. |
| Oct 20 | Florida acquisition | Positive | +2.4% | Bought P&S Paving, adding two asphalt plants and expanding across northeast Florida. |
| Oct 09 | Suncrete business combo | Positive | +1.4% | Announced Suncrete NYSE listing via business combination with HYAC to fund acquisitions. |
| Oct 06 | Texas acquisition | Positive | -1.2% | Closed deal adding eight Houston-area hot-mix plants into Durwood Greene platform. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Acquisition announcements for Construction Partners have more often been met with share price gains than declines, though reactions have not been uniformly positive.
Key Terms
hot-mix asphalt plant technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Transaction Expands Company's Presence into
Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "We are pleased to welcome the entire Ellsworth team to the CPI family of companies. This transaction expands our presence in
About Construction Partners, Inc.
Construction Partners, Inc. is a vertically integrated civil infrastructure company operating in local markets throughout the Sunbelt in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. Supported by its hot-mix asphalt plants, aggregate facilities and liquid asphalt terminals, CPI 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
Investor Relations
ROAD@DennardLascar.com
(713) 529-6600
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SOURCE Construction Partners, Inc.