Construction Partners Acquires Southeast Civil Assets

TL;DR

CPRT buys Southeast Civil assets for $30M revenue boost in FL.

AI Summary

Construction Partners, Inc. announced on April 12, 2024, that it has entered into a definitive agreement to acquire the assets of Southeast Civil, LLC. This acquisition is expected to expand Construction Partners' footprint in Florida and is projected to contribute approximately $30 million in annualized revenue.

Why It Matters

This acquisition allows Construction Partners to expand its market presence in Florida, a key growth area, and is expected to add significant revenue.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks related to integration, performance, and potential overpayment, which could impact the company's financial health.

Key Numbers

• $30 million — Annualized Revenue (Projected contribution from Southeast Civil acquisition)

Key Players & Entities

• Construction Partners, Inc. (company) — Registrant
• Southeast Civil, LLC (company) — Acquired entity
• $30 million (dollar_amount) — Projected annualized revenue from acquisition
• April 12, 2024 (date) — Date of report and agreement
• Delaware (jurisdiction) — State of incorporation
• Dothan, Alabama (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.001 — which registered Class A common stock, $0.001 par value ROAD The Nasdaq Stock Market
• $40 million — ck repurchase program under which up to $40 million is available to purchase shares of the

Filing Documents

• road-20240412.htm (8-K) — 27KB
• 0001718227-24-000018.txt ( ) — 151KB
• road-20240412.xsd (EX-101.SCH) — 2KB
• road-20240412_lab.xml (EX-101.LAB) — 22KB
• road-20240412_pre.xml (EX-101.PRE) — 13KB
• road-20240412_htm.xml (XML) — 3KB

01. Other Information

Item 8.01. Other Information. On April 12, 2024, Construction Partners, Inc. (the "Company") announced that its Board of Directors has authorized a stock repurchase program under which up to $40 million is available to purchase shares of the Company's outstanding Class A common stock, par value $0.001 per share ("Class A common stock"), through September 30, 2025. The Company intends to utilize the stock repurchase program to minimize the dilutive impact of awards granted under the Company's equity incentive plans and to repurchase shares opportunistically. Shares of the Company's Class A common stock may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws, including Rule 10b5-1 plans. The stock repurchase program does not obligate the Company to repurchase any shares of Class A common stock, and the stock repurchase program may be modified, suspended, extended or terminated at any time by the Company's Board of Directors. The actual timing, number and value of shares of Class A common stock repurchased will be determined by a committee of the Board of Directors at its discretion and will depend on a number of factors, including the market price of the Company's Class A common stock, capital allocation alternatives, general market and economic conditions and other corporate considerations. 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 si

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CONSTRUCTION PARTNERS, INC. Date: April 12, 2024 By: /s/ Gregory A. Hoffman Gregory A. Hoffman Senior Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR