ADDED
As of November 20, 2025, the registrant had 47,947,509 shares of Class A common stock, par value $0.001, and 8,579,118 shares of Class B common stock, par value $0.001, outstanding.
In October 2025, we publicly announced ROAD 2030, a comprehensive business plan setting forth our strategic initiatives, growth priorities, and business outlook through fiscal year 2030.
ROAD 2030 contemplates several revenue and growth goals, including, among others, revenues exceeding $6 billion by the end of fiscal year 2030.
During the 2025 fiscal year, we completed five acquisitions across four states, adding to or expanding our operations in Alabama and Tennessee and establishing our presence in Texas and Oklahoma.
As a result of these acquisitions, we added 27 HMA plants, four aggregate facilities, a liquid asphalt terminal, a rail-served aggregates terminal and a diverse fleet of equipment and vehicles, as well as skilled construction professionals.
The aggregate transaction consideration for these acquisitions was approximately $1.5 billion.
In November 2024, we entered into a Term Loan Credit Agreement with Bank of America, N.A., as administrative agent, and the other lenders party thereto, providing for a senior secured first-lien term loan facility in an aggregate principal amount of $850.0 million (the Term Loan B and such credit agreement, the Term Loan B Credit Agreement ).
Proceeds from the Term Loan B were used to (i) fund the cash portion of the consideration for our acquisition of Asphalt Inc., LLC (doing business as Lone Star Paving) ( Lone Star Paving ), (ii) repay our outstanding borrowings under our revolving credit facility, and (iii) pay fees and expenses incurred in connection with the related financing transactions and the Lone Star Acquisition.
In June 2025, we entered into an amendment to our Third Amended and Restated Credit Agreement with PNC Bank, National Association, as administrative agent and lender, and certain other lenders party thereto (the Term Loan A / Revolver Credit Agreement ) to, among other things, (i) increase the existing revolving credit facility thereunder from $400.0 million to $500.0 million (the Revolving Credit Facility ), (ii) increase the existing term loan thereunder from $400.0 million to $600.0 million, and (iii) extend the maturity date for all outstanding borrowings thereunder to June 28, 2030.
For further discussion regarding these agreements and developments, see Note 11 - Debt to the consolidated financial statements included elsewhere in this report.
REMOVED
As of November 20, 2024, the registrant had 46,963,255 shares of Class A common stock, par value $0.001, and 8,914,045 shares of Class B common stock, par value $0.001, outstanding.
In October 2023, we publicly announced ROAD-Map 2027, a comprehensive business plan setting forth our strategic initiatives, growth priorities, and business outlook through fiscal year 2027.
ROAD-Map 2027 contemplates several revenue and growth goals, including, among others, revenues exceeding $3 billion by the end of fiscal year 2027.
During the 2024 fiscal year, we completed eight acquisitions across four states, adding to or expanding our operations in Alabama, Georgia, North Carolina and South Carolina.
As a result of these acquisitions, we added 11 asphalt plants and a diverse fleet of equipment and vehicles, as well as skilled construction professionals.
The total transaction consideration for these acquisitions was approximately $231.7 million.
On November 1, 2024, we acquired all of the outstanding membership units of Asphalt, Inc., LLC (doing business as Lone Star Paving) ( Lone Star Paving and such acquisition, the Lone Star Acquisition ), a vertically integrated asphalt manufacturing and paving company headquartered in Austin, Texas, with 10 HMA plants, four aggregate facilities, and one liquid asphalt terminal supporting its operations.
The aggregate consideration delivered at the closing of the Lone Star Acquisition consisted of (i) $654.2 million in cash (as adjusted pursuant to the Unit Purchase Agreement, dated as of October 20, 2024, by and among the Company, Lone Star Paving, the selling unit holders party thereto, and John J.
Wheeler, in his capacity as the selling unit holders representative thereunder) and (ii) 3.0 million shares of Class A common stock.
In addition, we agreed to (A) pay cash to the selling unit holders in an amount equal to the working capital remaining in Lone Star Paving at closing, as finally determined (subject to adjustments and offsets to satisfy certain indemnification obligations and any purchase price overpayments), to be paid out in quarterly installments over four quarters following the closing, and (B) purchase from the selling unit holders for $30.0 million in cash an entity that owns certain real property following receipt of specified operational entitlements by such entity.