ArentFox Schiff Advises Lone Star Paving in Acquisition by Construction Partners, Inc.
On October 21, Construction Partners, Inc. (CPI), a civil infrastructure company specializing in roadway construction and maintenance across six southeastern states, announced its definitive agreement to acquire Asphalt Inc., LLC, doing business as Lone Star Paving, an asphalt manufacturing and paving company headquartered in Austin, Texas.
The AFS team, led by Partner Nicholas M. Tipsord and including Partners Olga Bogush, Jason L. Zgliniec, Brian A. Friederich, David M. Loring, Travis L. Mullaney, Ben Leese, Chris L. Bollinger, Daniel L. Monger, and Associates Mike Ragan, Emily B. Lewis, and Cody C. Boender, served as Lone Star’s legal advisor.
Lone Star is a vertically integrated asphalt manufacturing and paving company operating in high-growth markets in central Texas with 10 hot-mix asphalt plants, four aggregate facilities, and one liquid asphalt terminal.
The $950 million transaction includes consideration from CPI of $654 million in cash, 3 million shares of CPI stock, reimbursement of working capital, and a future purchase commitment for assets retained by the members of Lone Star Paving. The deal is expected to close in the fourth quarter of this year.
Contacts
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Contact:
Nathan Carlile, Senior Director of Communications
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