Acquisition Rationale - Expands CMC's market leadership into the precast concrete industry[5] - Enhances CMC's financial profile via higher, more stable margins and cash flows[5] - Extends growth runway and creates a scalable platform[5] CP&P Overview - CP&P has 17 plants and approximately 700 employees serving 7 core states[8] - CP&P is a leading supplier of concrete precast and pipe products in the Mid-Atlantic and South Atlantic regions[10] - CP&P holds the 1 or 2 position in its core regions[8, 10] Market and Financial Highlights - The U S total addressable market for precast concrete is $30 billion[22] - The forecasted demand CAGR (2024 to 2028) is 5% to 7%[22] - CP&P's revenue growth has a last 5-Year CAGR of 14%[54] - CP&P's EBITDA growth has a last 5-Year CAGR of 23%[54] Transaction Details - The purchase price is $675 million on a debt-free, cash-free basis[63] - The transaction represents a 9 5x multiple of 2025E EBITDA, which is effectively reduced to approximately 8 5x due to a cash tax benefit[58, 63] - Estimated synergies of approximately $5 million to $10 million annually by year 3 are expected from identified optimization opportunities[63]