Dothan’s Construction Partners plans to acquire Texas-based Asphalt Inc., also known as Lone Star Paving, in a deal worth $654 million.

Lone Star, headquartered in Austin, is a vertically integrated asphalt manufacturing and paving company operating in high-growth markets in central Texas.

Its holdings include 10 hot-mix asphalt plants, four aggregate facilities, and one liquid asphalt terminal. It primarily serves the Austin, San Antonio and Temple-Killeen metropolitan areas.

The acquisition represents a significant national incursion, as CPI will add three of the fastest growing markets in the country to its footprint.

CPI CEO Fred J. (Jule) Smith called the deal a “transformational acquisition.”

“Lone Star is a market leader across multiple high-growth metropolitan areas in central Texas, with a deeply experienced and effective management team and a culture of operational excellence,” he said.

The deal is a continuation of the company’s decades-long growth strategy of entering new states through the acquisition of an established platform company with an experienced local management team.