Construction Partners, Inc. (CPI) says it has acquired Albemarle, NC-based paving contractor C.K. Earnhardt & Son, Incorporated. With this buyout, it added a hot-mix asphalt plant, personnel and equipment in the greater Charlotte metropolitan area.
“Today’s transaction represents a further expansion of our geographic footprint within North Carolina, a state that we believe has tremendous potential for continued growth in light of favorable demographic trends and a healthy infrastructure funding program. In particular, with a plant in Albemarle, we expect to be able to participate in the ongoing eastward development of the Charlotte metro area,” CPI’s president and chief executive officer, Fred J. (Jule) Smith III said in a Sept. 10 statement.
Nasdaq reports that on Aug. 3, CPI acquired Good Hope Contracting Co., Inc. and related entities, situated in Cullman, AL, as well as Daurity Springs Quarry — a crushed stone and aggregates facility located near Goldston, NC. On Jun 23, CPI has acquired a Wilson-based grading and sitework contractor — PLT Construction Company, Inc.
During the fiscal first quarter, a subsidiary of CPI purchased four hot mix asphalt or HMA production and paving companies located in North Carolina. In the first six months of fiscal 2021, it acquired a total of 13 HMA plants and more than 300 employees.
CPI is a vertically integrated civil infrastructure company that constructs and maintains roadways across five southeastern states. The company focuses on acquisition growth strategy, particularly in the hot mix asphalt paving and construction industry.