Subsequent Events |
6 Months Ended |
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Mar. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Tennessee Acquisition
On May 1, 2025, the Company acquired all the outstanding capital stock of PRI of East Tennessee, Inc, an asphalt manufacturing and construction business headquartered in Knoxville, Tennessee, and Pavement Restorations, Inc., a pavement preservation business headquartered in Milan, Tennessee (collectively, “PRI”) for $96.5 million, which was paid from available cash on hand and a draw from the Revolving Credit Facility. The transaction established the Company’s platform company in Tennessee, with operations including an HMA plant and related crews and equipment serving northeastern Tennessee and a specialized pavement preservation and sitework business serving multiple southeastern states. As of the date of this report, the total amount of consideration for this transaction remains subject to post-closing adjustments with respect to working capital and other matters.
Issuance of Equity Awards In connection with the PRI acquisition, the Company issued awards under the Equity Incentive Plan to certain key former employees of PRI of East Tennessee, Inc. and Pavement Restorations, Inc. who became employees of the Company consisting of 60,000 shares of restricted Class A common stock having an aggregate grant date fair value of $5.2 million.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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