Haynes Boone Advises Construction Partners on Pending Acquisition of Lone Star Paving

Haynes Boone represented Construction Partners in its pending acquisition of Asphalt, d/b/a Lone Star Paving, an Austin, Texas-based asphalt manufacturing and paving company. The deal is valued at approximately $950 million, including $654 million in cash, three million shares of Construction Partners Class A common stock, reimbursement of working capital and a future purchase commitment._x000D_
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Construction Partners 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._x000D_
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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._x000D_
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Finance partners Sakina Foster and Paul Amiel guided the deal financing along with associates Laura Shapiro, Sara Phipps and Serena Heydari._x000D_
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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._x000D_
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“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.”_x000D_
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The transaction is subject to customary closing conditions and is expected to close in Q4/24.