Haynes Boone Advises Construction Partners, Inc. on Pending Acquisition of Lone Star Paving
October, 2024 - United States of America
Haynes Boone represented Construction Partners, Inc. (NASDAQ: ROAD) (“CPI”) in its pending acquisition of Asphalt Inc., LLC, d/b/a Lone Star Paving, a prominent Austin, Texas-based asphalt manufacturing and paving company.
The deal is valued at approximately $950 million, including $654 million in cash, 3 million shares of CPI Class A common stock, reimbursement of working capital and a future purchase commitment.
CPI is a vertically integrated civil infrastructure company specializing in the construction, repair and maintenance of surface infrastructure across six southeastern states. The pending acquisition of Lone Star expands CPI’s geographic footprint into fast-growing Central Texas metropolitan areas and enhances its market position. Through this transaction, CPI will add 10 hot-mix asphalt plants, four aggregate facilities and one liquid asphalt terminal.
Haynes Boone's cross-practice team handled all aspects of the transaction.
Austin-based Mergers and Acquisitions Partner Kellie Bobo led the deal team with support from Associates Bryan Diebels, Rachael Williams, Taylor Calvert and Dillon Sebasco.
Finance Partners Sakina Foster and Paul Amiel guided the deal financing along with Associates Laura Shapiro, Sara Phipps and Serena Heydari.
Capital Markets Partners Rosebud Nau and Greg Samuel oversaw securities law matters associated with the transaction with assistance from Associates Rachel O’Donnell and Alexa Cooper.
“The complexity of this deal required a cross-functional team, and we were able to deliver and help make CPI’s vision a reality,” Nau said. “We are excited to welcome CPI to the great state of Texas.”
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of calendar 2024.
Haynes Boone’s M&A Practice Group has comprehensive experience handling middle-market deals, having helped clients close more than 500 transactions in the last five years, with an aggregate value exceeding $50 billion. The firm routinely represents private equity firms, closely held corporations, founders, large financial institutions and Fortune 500 public companies.
The firm’s Capital Markets Practice Group has played a leading role in numerous IPOs and other initial public listings, follow-on offerings and PIPE financings in recent years across sectors. The firm provides comprehensive advice to issuers, financial sponsors and underwriters involved in all major U.S. securities exchanges, over-the-counter markets, and many foreign markets, on a full range of securities transactions and reporting matters.
Haynes Boone’s Finance Practice Group represents private equity funds, hedge funds, venture capital funds, more than 200 commercial lending institutions, borrowers, credit companies, vendors and financial sponsors. They advise on all facets of finance, including asset-based lending, regulation, acquisition financing, project finance, restructuring and more.
