Lone Star Paving operates as a vertically integrated company, managing 10 hot-mix asphalt plants, four aggregate facilities, and one liquid asphalt terminal.

Construction Partners has entered into a definitive agreement to acquire Asphalt Inc., known as Lone Star Paving, which is based in Austin, Texas.

The acquisition deal is valued at $654 million, comprising cash and 3 million shares of Construction Partners' Class A common stock.

This acquisition is projected to generate an annualized run-rate of $530 million in revenue and $120 million in adjusted EBITDA for fiscal 2025.

Construction Partners expects the acquisition to be immediately accretive to earnings upon completion.