Construction Partners, Inc. (NASDAQ: ROAD) has announced the acquisition of Overland Corporation, an asphalt manufacturing and paving company based in Ardmore, Oklahoma. This transaction adds eight hot-mix asphalt plants serving Oklahoma and northern Texas to CPI's portfolio.
Under the leadership of founder and owner Reggie Sullivan, Overland has become one of the top infrastructure contractors in Oklahoma. With this acquisition, CPI enters its eighth state and aims to support Overland's organic and acquisitive growth opportunities in their local markets. CPI's President and CEO, Fred J. (Jule) Smith, III, expressed excitement about the cultural and operational fit of the acquisition, emphasizing its alignment with CPI's strategy of reducing leverage ratio to approximately 2.5x in the next four to six quarters to support sustained, profitable growth.
CPI, a vertically integrated civil infrastructure company, operates in local markets across the Sunbelt in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas. The majority of its business comprises publicly funded projects, including local and state roadways, interstate highways, airport runways, and bridges, as well as private sector projects such as paving and sitework for various developments.
The acquisition of Overland Corporation marks an important expansion for CPI, enabling the company to strengthen its presence in the Southern and Western Oklahoma and Northern Texas markets. As a result of these announcements, the company's shares have moved 3.5% on the market, and are now trading at a price of $90.88. For more information, read the company's full 8-K submission here.
