AUSTIN, TX — Construction Partners, Inc. (CPI), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways across six southeastern states, announces that it has entered into a definitive agreement to acquire Asphalt Inc., LLC doing business as Lone Star Paving (Lone Star), headquartered in Austin, Texas.

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 supporting its operations. This acquisition is anticipated to generate an annualized run-rate contribution of $530 million of revenue and $120 million of Adjusted EBITDA in fiscal year 2025.

"We are excited to announce this transformational acquisition to add an outstanding platform company as we enter our seventh state," said Fred J. Smith, III, CPI's President and Chief Executive Officer. "Lone Star is a market leader across multiple high-growth metropolitan areas in central Texas, with a deeply experienced and effective management team and a culture of operational excellence."

"We look forward to joining the CPI team and expanding the Texas platform," said Jack Wheeler, Founder and CEO of Lone Star. "CPI and Lone Star share a strong cultural alignment, and we are eager for the growth opportunities available to both companies."