Cardinal Infrastructure Group Acquires Hughes Brothers Construction
Cardinal Infrastructure Group announced its agreement to acquire Hughes Brothers Construction for $357.5 million. The transaction is expected to establish a significant presence in the Central Florida market.
RALEIGH, NC – Cardinal Infrastructure Group (NASDAQ: CDNL) announced today it has entered into a definitive agreement to acquire Hughes Brothers Construction, Inc. for $357.5 million. The acquisition aims to establish a significant platform in the heavy civil and site development contracting market in Central Florida.
Hughes Brothers is described as a leading contractor in Central Florida, employing over 500 people and serving residential, commercial, industrial, and municipal clients. The company operates a turnkey model and owns its equipment fleet.
Cardinal Infrastructure Group CEO Jeremy Spivey stated the acquisition is a key step in the company's strategy to build a premier site development platform in the Southeast. He highlighted Hughes Brothers' experienced team, customer relationships, and complementary capabilities.
The transaction, expected to close in the fourth quarter of 2026, may include additional consideration based on Hughes Brothers' performance. Cardinal plans to fund the acquisition through cash, Cardinal stock, and new debt financing.