Cardinal Infrastructure Group (CDNL) Announces Acquisition of Hughes Brothers Construction, Inc.
Key Highlights
- ➤$357.5 million acquisition of Hughes Brothers expected to close in Q4 2026
- ➤Hughes Brothers generated more than $220 million TTM revenue as of June 30
- ➤Hughes Brothers brings approximately $350 million backlog and 500+ employees
- ➤Up to $97.5 million earnout could lift total transaction value to approximately $455 million
- ➤Pro forma net leverage is 1.4x, below Cardinal’s 2.5x maximum target
Expert Statements
Jeremy Spivey, CEO of Cardinal Infrastructure Group
“We are excited to welcome Hughes Brothers to Cardinal as we take another important step in our strategy to build the Southeast's premier site development platform by moving into the fast-growing Central Florida market”
Jeremy Spivey, CEO of Cardinal Infrastructure Group
“Hughes Brothers is an exceptional founder-led business that culturally aligns with what we're building.”
Jeremy Spivey, CEO of Cardinal Infrastructure Group
“They bring an experienced team, both in terms of field personnel and corporate leadership, longstanding customer relationships, highly complementary capabilities that further strengthen our turnkey offering and an immediately accretive financial profile.”
Jeremy Spivey, CEO of Cardinal Infrastructure Group
“We see significant opportunities to build upon this strong foundation by deploying our proven growth playbook, expanding service offerings and deepening our presence across the Central Florida market.”
Jeremy Spivey, CEO of Cardinal Infrastructure Group
“We are looking forward to partnering with Chad, Justin and the entire Hughes Brothers team to create long-term value for all our customers, employees and shareholders.”
Cardinal Infrastructure Group (CDNL) Announces Acquisition of Hughes Brothers Construction, Inc. PR Newswire
RALEIGH, N.C., Oct. 13, 2026 /PRNewswire/ -- Cardinal Infrastructure Group, Inc., (NASDAQ: CDNL) ("Cardinal" or the "Company") announced today that it has entered into a definitive agreement to acquire Hughes Brothers Construction, Inc., ("Hughes Brothers"), a leading Central Florida heavy civil and site development contractor for $357.5 million at a purchase price multiple consistent with Cardinal's typical range for new market platform acquisitions. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.
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