Transaction Adds Eight Hot-Mix Asphalt Plants
Serving Oklahoma and Northern
Texas
DOTHAN,
Ala., Jan. 3, 2025 /PRNewswire/ -- Construction
Partners, Inc. (NASDAQ: ROAD) ("CPI"), a vertically integrated
civil infrastructure company specializing in the construction and
maintenance of roadways in local markets across the Sunbelt, today
announced that it has acquired Overland Corporation ("Overland"),
an asphalt manufacturing and paving company headquartered in
Ardmore, Oklahoma. From its eight
hot-mix asphalt plants, Overland provides paving services
throughout southern and western Oklahoma and northern Texas on a variety of public, commercial and
residential projects.
Fred J. (Jule) Smith, III, CPI's
President and Chief Executive Officer, said, "With today's
transaction, we are pleased to enter our eighth state and to
welcome Overland Corporation to the CPI family of companies. Under
the leadership of its founder and owner, Reggie Sullivan, Overland has grown to become
one of the top infrastructure contractors in Oklahoma and is well-positioned to benefit
from the strong asphalt markets in Oklahoma and northern Texas as the Dallas metro area continues to expand
northward. We have known and respected Darren Ratajski, Overland's president, for many
years, and we are excited to support the Overland team as they
execute on numerous organic and acquisitive growth opportunities in
their local markets. This acquisition is an ideal fit from a
cultural and operational perspective and is consistent with our
strategy of reducing CPI's leverage ratio to approximately 2.5x in
the next four to six quarters to support sustained, profitable
growth."
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 / Ken Dennard
Dennard Lascar Investor
Relations
ROAD@DennardLascar.com
(713)
529-6600
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SOURCE Construction Partners, Inc.