Austin paving company to be acquired in deal valued at $950M

AUSTIN (Austin Business Journal) -- Austin-based Lone Star Paving is set to be acquired by an Alabama-based company aiming to break into the Central Texas construction market in a deal valued at up to $950 million.

Construction Partners Inc. (Nasdaq: ROAD) will pay $654 million in cash and 3 million shares of stock for Lone Star Paving, legally known as Asphalt Inc. LLC, according to an Oct. 21 announcement.

Fred Smith, president and CEO of Construction Partners, a vertically integrated civil infrastructure company based in Dothan, Alabama, said his company has opted to buy Lone Star Paving because it's a “market leader” in fast-growing Central Texas. Lone Star serves the Austin and San Antonio metros, as well as the Temple-Killeen area, the announcement said.

Read this full story at the Austin Business Journal.