DOTHAN, Ala., Aug. 2, 2021 /PRNewswire/ -- Construction
Partners, Inc. (NASDAQ: ROAD) (the "Company" or "CPI"), a
vertically integrated civil infrastructure company specializing in
the construction and maintenance of roadways across five
southeastern states, today announced that it has acquired Good Hope
Contracting Co., Inc. and related entities, all headquartered in
Cullman, Alabama. As a result of
the acquisition, the Company added four hot-mix asphalt plants,
four aggregate facilities, and a diverse fleet of trucks and
construction equipment to support its operations in central and
northern Alabama. In addition, the
Company acquired Daurity Springs Quarry, a crushed stone and
aggregates facility located near Goldston, North Carolina.
Fred J. (Jule) Smith, III, the
Company's President and Chief Executive Officer, stated, "These
acquisitions represent significant expansion and enhanced vertical
integration within our existing geographical footprint that will
generate continued growth for our company. As a consolidator in a
fragmented industry, we continue to gain momentum through acquiring
quality companies and assets to broaden CPI's relative market share
and depth of service."
Commenting on the Alabama
acquisition, John L. Harper, Senior
Vice President of the Company and President of Wiregrass
Construction Company, its Alabama
platform company, stated, "Today we have substantially strengthened
our capabilities in several key operational aspects, including
project acquisition and execution, aggregates sourcing, and
transportation logistics through the markets and resources we added
in this transaction. At CPI, we believe people are our greatest
asset, and we are excited to welcome more than 180 talented,
hard-working employees to support our growth in central and
northern Alabama. Good Hope Contracting and the Heatherly
family have built a great company and successfully operated for
many years. We enthusiastically welcome Darrin Heatherly and his entire team to our
organization."
Commenting on the North
Carolina acquisition, Brett
Armstrong, Senior Vice President of Strategic Operations for
the Company, stated, "Today's transaction enhances our vertical
integration strategy of construction materials to support our
asphalt manufacturing operations. This aggregate facility is
uniquely and strategically located in the rapidly-growing Sandhills
region of North Carolina, and we
expect to use the aggregates mined from this facility to supply
multiple asphalt plants that we acquired last fall. The facility's
proximity to our current operations enhances our project bidding
opportunities and we believe will contribute to future growth in
these markets."
About Construction Partners, Inc.
Construction Partners, Inc. is a vertically integrated civil
infrastructure company operating across five southeastern states,
with 52 hot-mix asphalt plants, 14 aggregate facilities and one
liquid asphalt terminal. Publicly funded projects make up the
majority of its business and include local and state roadways,
interstate highways, airport runways and bridges. The majority of
the Company's public projects are maintenance-related. Private
sector projects 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.