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  "docSlug": "aeaf881b8cf7",
  "documentTitle": "Construction Partners, Inc. (ROAD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-23 00:00:00",
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  "pageNumber": 16,
  "pageCount": 70,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a screenshot of a DOT bid document to highlight Ferebee's underperformance.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-a016b8cafb9e/16",
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  "components": [
    {
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      "kind": "callout",
      "text": "In a pool of six bidders for a recent project, Ferebee was dead last with a bid +37.8% above the estimate.",
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      "kind": "image",
      "text": "NCDOT bid document showing Ferebee Corporation at the bottom of the list with a +37.8% difference.",
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      "kind": "paragraph",
      "text": "ROAD entered the North Carolina market in late 2022 through the acquisition of Ferebee Corp. for $68.8 million which it called a “platform” acquisition with three plants. It then acquired Hudson Paving in June 2024 for $19 million to add an additional plant. In a pool of six bidders for a recent project, Ferebee was dead last with a bid +37.8% above the estimate.",
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      "kind": "quote",
      "text": "We are pleased to welcome Ferebee Corporation to the Construction Partners family of companies, expanding our geographic footprint into western North Carolina. As a platform acquisition, Ferebee creates another engine for growth driven by a talented and experienced team under the leadership of Chris and David Ferebee.",
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      "kind": "quote",
      "text": "\"We are pleased to welcome Ferebee Corporation to the Construction Partners family of companies, expanding our geographic footprint into western North Carolina. As a platform acquisition, Ferebee creates another engine for growth driven by a talented and experienced team under the leadership of Chris and David Ferebee.\" — CEO Smith",
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      "kind": "source-note",
      "text": "Source: ROAD acquires Ferebee, Hudson Paving, NC DOT, Red emphasis Spruce Point",
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      "kind": "title",
      "text": "And Again In North Carolina...",
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      "evidence": "The deck highlights several red flags, including rising DSOs and declining ROCE.",
      "position": 1,
      "objective": "Is ROAD's financial performance sustainable?",
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