Construction Partners, Inc. Completes South Carolina Acquisition

Construction Partners, Inc. (NASDAQ: ROAD) announced the acquisition of Pickens Construction, Inc., based in Anderson, South Carolina, on April 3, 2023.

Rhea-AI Summary

Construction Partners, Inc. (NASDAQ: ROAD) announced the acquisition of Pickens Construction, Inc., based in Anderson, South Carolina, on April 3, 2023. This acquisition includes a hot-mix asphalt plant and approximately 20 employees, enhancing CPI's operational footprint in the greater Greenville area.

President & CEO Fred J. Smith, III, highlighted that this move strengthens their presence along the I-85 corridor between Greenville and Atlanta, positioning the company to better serve both public and private clients and pursue future growth opportunities.

Positive

• Acquisition of Pickens Construction enhances CPI's market presence in Greenville, South Carolina.
• Integration of a hot-mix asphalt plant supports expansion of service capabilities.
• Strengthens positioning along the I-85 growth corridor for increased client engagement.

Negative

• None.

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Company Expands Operations in Upstate Area

DOTHAN, Ala., April 3, 2023 /PRNewswire/ -- Construction Partners, Inc. (NASDAQ: ROAD) ("CPI" or 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 Pickens Construction, Inc., headquartered in Anderson, South Carolina. The acquisition includes one hot-mix asphalt plant, related construction operations and approximately 20 employees that will be integrated as a bolt-on to CPI's South Carolina platform company, King Asphalt, Inc., and will expand its service market in the greater Greenville, South Carolina metro area.

Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "Today's acquisition expands our reach in the dynamic Upstate region of South Carolina, along the I-85 growth corridor between Greenville and Atlanta.   We are now better positioned to serve both public and private market clients in the area, and to pursue future organic growth opportunities."

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 terminal, 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-south-carolina-acquisition-301788769.html

SOURCE Construction Partners, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What acquisition did Construction Partners, Inc. announce on April 3, 2023?

Construction Partners, Inc. announced the acquisition of Pickens Construction, Inc., based in Anderson, South Carolina.

How will the acquisition of Pickens Construction impact Construction Partners, Inc.?

The acquisition will expand CPI's operational footprint in the Greenville metro area and enhance its service capabilities.

What does the acquisition of Pickens Construction include?

The acquisition includes a hot-mix asphalt plant and approximately 20 employees.

What is the significance of the I-85 corridor for Construction Partners, Inc.?

The I-85 corridor is a dynamic growth area, enabling CPI to better serve clients and pursue organic growth opportunities.

What is the stock symbol for Construction Partners, Inc.?

The stock symbol for Construction Partners, Inc. is ROAD.