Dothan’s Construction Partners plans to acquire Texas-based Asphalt Inc., also known as Lone Star Paving, in a deal worth $654 million.
Lone Star, headquartered in Austin, is a vertically integrated asphalt manufacturing and paving company operating in high-growth markets in central Texas. Its holdings include 10 hot-mix asphalt plants, four aggregate facilities, and one liquid asphalt terminal. It primarily serves the Austin, San Antonio and Temple-Killeen metropolitan areas.
The acquisition represents a significant national incursion, as CPI will add three of the fastest growing markets in the country to its footprint.“Lone Star is a market leader across multiple high-growth metropolitan areas in central Texas, with a deeply experienced and effective management team and a culture of operational excellence,” he said.
The deal is a continuation of the company’s decades-long growth strategy of entering new states through the acquisition of an established platform company with an experienced local management team.If you purchase a product or register for an account through a link on our site, we may receive compensation.