Construction Partners, Inc. (NASDAQ: ROAD) has acquired the asphalt manufacturing and construction assets of J.H. Strain & Sons, an asphalt paving and manufacturing company based in Tye, Texas. CPI announced the deal on Oct. 5.
The purchase includes two hot-mix asphalt plants, along with related crews and equipment serving the greater Abilene area. Those operations will become part of Lone Star Paving, CPI’s Texas platform company.
What’s Rolling Into Lone Star
Two hot-mix asphalt plants
A fleet and an experienced workforce, according to CEO Fred J. (Jule) Smith, III
More than 125 new employees
Abilene on the Rise
Smith described Abilene as a growing Texas market with a diversified economy and significant ongoing investment. He pointed to several data center developments as part of that activity.
He said the plants, fleet and workforce give Lone Star a strong local presence to serve public and private infrastructure customers across greater Abilene and West Texas. He also welcomed Ross and Kent Strain and their team to the CPI family of companies.
Mix and Match
The deal fits how CPI describes itself. The company calls itself vertically integrated, supported by its hot-mix plants, aggregate facilities and liquid asphalt terminals.
By buying both the plants and the crews, CPI gets the asphalt and the people who put it down in a single transaction.
CPI operates in local markets across Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. Publicly funded work makes up the majority of its business, including local and state roadways, interstates, airport runways and bridges.
The release covers the plants, the people and the market, but it doesn’t say what CPI paid.
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