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  "documentTitle": "Construction Partners, Inc. (ROAD)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-01-23 00:00:00",
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  "notes": "The slide uses screenshots of official government procurement documents to substantiate the claim.",
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      "text": "Spruce Point conducted a Freedom of Information Act (FOIA) request with the Texas DOT to confirm contract awards to Asphalt Inc, LLC (dba Lone Star Paving) and each of its named subsidiaries. We were provided just one purchase order since 2022 related to equipment rentals where LSP is listed as the prime contractor.",
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      "text": "Excerpts from Contract between Texas DOT and Lone Star Paving",
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      "text": "Spruce Point conducted a Freedom of Information Act (FOIA) request with the Texas DOT to confirm contract awards to Asphalt Inc, LLC (dba Lone Star Paving) and each of its named subsidiaries. We were provided just one purchase order since 2022 related to equipment rentals where LSP is listed as the prime contractor. The footnotes to LSP's financial statements do say that contracts are primarily performed under subcontractor agreements.",
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      "kind": "source-note",
      "text": "Source: Freedom of Information Act Request, Texas DOT. Records can be found here under SB20 and supplier search “Asphalt Inc LLC”",
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      "text": "Only One Purchase Order Identified Since 2022 Between TX DOT And LSP",
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