Construction Partners, Inc. (NASDAQ: ROAD) has acquired Roads, Inc. of NWF, an asphalt manufacturing and construction business based in Cantonment, Florida. The deal was announced Sept. 21, and it expands CPI's operations in the Florida Panhandle.
Yes, a company trading as ROAD just bought a company called Roads, and that's not a typo.
The deal includes:
A hot-mix asphalt plant north of Pensacola
The related crews and equipment
More than 150 employees, per CEO Fred J. (Jule) Smith, III
New Home at CWR: The acquired operations will join C.W. Roberts Contracting (CWR), CPI's Florida platform company.
Smith said the deal expands CWR's Panhandle operations and enhances CPI's ability to serve public and private infrastructure customers throughout “this growing region." He pointed to four things that complement CWR's existing operations: Roads, Inc.'s plant, its workforce, its construction capabilities and its local relationships.
Plant First, Pavement Second: CPI calls itself vertically integrated, with its surface infrastructure work supported by its own hot-mix plants, aggregate facilities and liquid asphalt terminals. Adding a hot-mix plant, along with related crews and equipment, fits that model.
Publicly funded projects make up most of CPI's business, including state and local roadways, interstates, airport runways and bridges. The company operates in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.
Debris Duty: Roads, Inc. also offers disaster response debris removal, alongside asphalt paving and roadway construction, throughout Florida, Alabama and the southeastern U.S. It's the one service in Roads, Inc.'s lineup that isn't part of CPI's own company description.
Off the Price Sheet: The release doesn't include a price. It does include a plant north of Pensacola, more than 150 new employees and a buyer whose ticker matches its latest purchase.
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