Strengthening the Nation’s Infrastructure Network

Balch & Bingham advised Warren Paving, a 73-year-old leading asphalt paving and aggregates producer, in its $540 million sale to Granite Construction (NYSE: GVA), leveraging the firm’s cross-practice and cross-office expertise to navigate a complex, multi-faceted transaction. The deal expands Granite’s vertically integrated operations in the Southeast.

THE IMPACT

Granite’s acquisition of Warren Paving adds three asphalt plants, with associated asphalt paving operations, and more than 400 million tons of aggregate reserves and resources, enhancing the company’s ability to serve the Mississippi River system and Gulf Coast regions of Mississippi, Louisiana, and Alabama. The transaction, announced August 6, 2025, increases Granite’s aggregate production capacity by over 5 million tons annually and expands its network to include one quarry, one sand and gravel operation, 11 aggregate yards, three asphalt plants, and a fleet of 168 owned and leased barges.

Balch served as lead counsel to Warren Paving, guiding the company through a complex, multi-faceted transaction from initial negotiations to closing. Practitioners from across the firm’s footprint led the client through extensive due diligence, environmental review, antitrust filings, and resolution of real estate, labor, and operational matters.

This was the most significant transaction in our company’s history. Balch attorneys guided us through every step of the transaction with clarity and confidence, anticipating challenges and delivering solutions that allowed us to focus on our business while achieving an outstanding result. Balch is a steady and trusted partner to our company throughout not only this transaction, but as our company’s counsel for decades.

THE TEAM

The Balch team was led by partners David Bowsher, Stephen Broadus, Mark Alexander and Mark Bond, who managed the transaction from start to finish. The transaction drew upon Balch’s depth across numerous offices and practice areas, demonstrating the firm’s ability to manage complex, high-value deals from every angle. 

The firm’s Mergers & Acquisitions team led the overall transaction strategy and deal execution, coordinating negotiations, drafting, and closing logistics. The Real Estate Practice resolved numerous property-related matters critical to the transfer of assets. The antitrust team successfully navigated the Hart-Scott-Rodino filing process, securing required regulatory clearance. The Environmental & Natural Resources Practice and the firm’s Labor & Employment Practice provided guidance on environmental compliance and workforce-related considerations.

“From the outset, our priority was to guide our client through a complex transaction with clarity and confidence,” said David Bowsher. “This was a true firmwide effort, drawing on our team’s expertise across M&A, real estate, antitrust, environmental, and other practices to navigate every facet of this deal and deliver the outcome our client deserved.”

THE COMPANY

Founded in 1952, Warren Paving, grew into a leading asphalt paving and aggregates producer with vertically integrated operations across the Mississippi River system and Gulf Coast. The company produces significant quantities of asphalt, limestone aggregate and rip rap, supplying materials for infrastructure projects across the Southeast.

Granite Construction (NYSE: GVA) is one of the largest vertically-integrated civil contractors and construction materials producers in the United States. Incorporated in 1922, Granite operates as a full-suite provider in the transportation, water infrastructure and mineral exploration markets, delivering Infrastructure Solutions for public and private clients throughout the Americas.

LEARN MORE

Granite Press Release