Construction Partners, Inc.
The Firm
Construction Partners describes itself as a vertically integrated civil infrastructure company operating in local markets throughout the Sunbelt, across Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas. It trades publicly on the Nasdaq under the ticker ROAD, and is built around its hot-mix asphalt plants, aggregate facilities, and liquid asphalt terminals, focused on the construction, repair, and maintenance of surface infrastructure.
The growth model is a steady stream of local-operator acquisitions that feed those plants. Across a single recent year its own investor-relations newsroom dated the purchases of GMJ Paving in the Houston metro, Four Star Paving in Nashville, and Ellsworth Construction in Tulsa, each an established regional paving or asphalt business folded into the CPI network. The deals range from single-plant paving contractors to larger platform companies that open a new state.
For a paving searcher the read is direct. In the Sunbelt states where CPI operates, the vertically integrated public consolidator is frequently the other bidder on an established paving company. It is also the most visible exit, since a well-run asphalt business with its own plant is exactly what its acquisition team buys to extend a local network. Anyone meeting the company should know that it values a target as much for its asphalt production and aggregate position as for its paving backlog.
What the filing adds is the shape of the payment. Consideration is routinely part stock rather than all cash: the largest deal of the 2025 fiscal year closed on $659.0 million in cash plus three million shares of Class A stock, so its sellers are now holders of the buyer as well. Earn-outs are capped and long, and the terms are written to be missed as well as met, with one agreement paying up to $20.0 million against annual adjusted EBITDA targets running five years to September 2030 and nothing at all below a threshold level. And the land can be carved out. Alongside that same deal the company agreed to buy an entity holding central Texas real property for $30.0 million, conditional on permits and entitlements that had still not arrived a year later. An owner whose building is part of the business may find it becomes a second deal on its own timetable.
What It Buys
Dothan, Alabama. Asphalt paving and hot-mix companies across the Sunbelt, bought one local operator at a time to feed its plants and terminals, the public roll-up a paving searcher meets as both rival bidder and exit.
Selling to them one day, or watching them as the other bidder? Track them in the Contact Book so the relationship has a next-touch date.
Confirmed Deals
3 deals traced to announcements by Construction Partners, Inc., 2026, newest first. Firms that announce every deal show a fuller run here than firms that report acquisitions as quarterly counts, so read this as the evidence that clears the bar rather than as the firm's whole record.
- Ellsworth Construction, LLC · July 13, 2026
Tulsa, Oklahoma paving, sitework, and utility contractor with a hot-mix asphalt plant in Broken Arrow.
- Four Star Paving, LLC · April 1, 2026
Commercial asphalt paving contractor in the Nashville, Tennessee metro area.
- GMJ Paving Company, LLC · February 2, 2026
Asphalt paving contractor in Baytown, near Houston, Texas, adding a hot-mix asphalt plant.