Granite Construction Incorporated entered into an equity purchase agreement to acquire Warren Paving, Inc. from LMS of Hattiesburg, L.P., Steven Warren and Melissa McGee for $540 million.
Granite Construction Incorporated (NYSE:GVA) entered into an equity purchase agreement to acquire Warren Paving, Inc. from LMS of Hattiesburg, L.P., Steven Warren and Melissa McGee for $540 million on August 5, 2025. A cash consideration of $540 million is subject to customary closing adjustments. In a separate transaction, Granite Construction Incorporated (NYSE:GVA) acquired Papich Construction Co., Inc. on August 6, 2025. The combined purchase price for the acquisitions is $710 million, subject to customary closing adjustments. The acquisitions were financed through a new 5-year $600 million term loan, $100 million of cash on hand and $10 million drawn on an upsized revolver of $600 million. Together, the acquisitions are expected to contribute approximately $425 million in revenue annually with an expected adjusted EBITDA margin of approximately 18%.
Barclays Capital Inc. acted as financial advisor for Granite Construction Incorporated. Elizabeth Robishaw, Marco Maduri, Danielle Garcia, Ian Johnson, Efren Lemus, Alain Dermarker and Kyle Park of Allen & Overy LLP acted as legal advisors for Granite Construction Incorporated. Ricky J. Cox of Balch & Bingham LLP acted as legal advisor for LMS of Hattiesburg, L.P.
Granite Construction Incorporated (NYSE:GVA) completed the acquisition of Warren Paving, Inc. from LMS of Hattiesburg, L.P., Steven Warren and Melissa McGee on August 5, 2025.
Granite Construction Incorporated is a diversified construction and construction materials company in the United States as well as a full-suite civil construction provider. The Company operates through two segments: Construction and Materials. The Construction segment focuses on construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure and site development for use by the general public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities and energy companies. It also provides construction of various complex projects including infrastructure and site development, mining, public safety, tunnel, solar, battery storage and other power-related projects. The Materials segment focuses on production of aggregates, asphalt concrete, liquid asphalt and recycled materials for internal use in its construction projects and for sale to third parties.
Granite Construction Incorporated entered into an equity purchase agreement to acquire Warren Paving, Inc. from LMS of Hattiesburg, L.P., Steven Warren and Melissa McGee for $540 million.
