Cardinal Infrastructure Group Expands Footprint with Hughes Brothers Acquisition in Florida

Cardinal Infrastructure Group Expands Footprint with Hughes Brothers Acquisition

On October 13, 2026, Cardinal Infrastructure Group, Inc. (NASDAQ: CDNL) made headlines with the announcement of its definitive agreement to acquire Hughes Brothers Construction, Inc. for $357.5 million. This strategic move is set to bolster Cardinal’s presence in the flourishing Central Florida market.

Strategic Acquisition Overview

Hughes Brothers is recognized as a leading heavy civil and site development contractor in Central Florida, boasting a workforce of over 500 employees and long-standing relationships with clients across various sectors, including residential, commercial, industrial, and municipal markets. The deal, anticipated to finalize in the fourth quarter of 2026, will be subject to regulatory approvals and customary closing conditions.

This acquisition aligns with Cardinal’s strategic plan to establish a substantial operating platform in Central Florida. With an impressive backlog of approximately $350 million, the transaction will enhance revenue visibility and ensure immediate contribution to Cardinal’s adjusted EBITDA margins for 2026.

Financial Highlights

The structure of the transaction sees Cardinal funding the purchase through a combination of cash and Class A common stock. Notably, the sellers are granted additional contingent payments of up to $97.5 million based on Hughes Brothers’ adjusted EBITDA performance over the next year. The acquisition falls well within Cardinal’s financial leverage targets, showcasing an estimated pro forma net leverage of 1.4x, significantly below their maximum target of 2.5x.

Leadership and Future Growth

Chad Hughes, President and Co-Founder of Hughes Brothers, along with Vice President and Co-Founder Justin Hughes, will remain in leadership roles within the company, ensuring continuity and leverage of their wealth of experience and existing customer relationships. This continuity is crucial as Cardinal aims to capitalize on Hughes Brothers’ established brand and service capabilities to spur growth through organic development and targeted market expansion.

Management’s Insight

Cardinal’s CEO, Jeremy Spivey, expressed enthusiasm about the acquisition, emphasizing the cultural alignment and expertise that Hughes Brothers brings to the table. Spivey highlighted the opportunities for growth, stating that the integration of Hughes Brothers will strengthen Cardinal’s turnkey offerings and service delivery across Central Florida.

Hughes Brothers: Company Profile

Hughes Brothers specializes in a variety of construction services, focusing on projects that entail underground utilities, site preparation, earthwork, sewer, gas main installation, roadway construction, and other related infrastructure works. The company is revered for its ability to self-perform a significant portion of its projects and owns a dedicated fleet of equipment, which ensures efficiency and control over quality.

Cardinal Infrastructure Group Background

Cardinal Infrastructure Group, Inc. is renowned for its comprehensive suite of infrastructure services essential for the planning, preparation, installation, and development of various projects statewide. Leveraging highly skilled in-house teams and equipped fleets, Cardinal is well-positioned as a market leader.

Conclusion

This acquisition marks a substantial milestone for Cardinal Infrastructure Group as it transitions into a new phase of growth. The combination of Hughes Brothers’ operational expertise and Cardinal’s strategic market vision is poised to create enduring value for customers, employees, and shareholders alike in the burgeoning Central Florida marketplace.