Recent Updates — CDNL

Cardinal Infrastructure Group entered into an amended Agreement and Plan of Merger to acquire Hughes Brothers Construction Inc., a Central Florida heavy civil contractor, for approximately $357.5 million. The consideration consists of 60% cash ($214.5 million) and 40% Cardinal Class A common stock (approximately 5.26 million shares based on a $27.21 issue price). Sellers are eligible for an earnout of up to $162.5 million based on adjusted EBITDA performance through June 30, 2027. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary conditions. Cardinal Infrastructure Group provides comprehensive infrastructure services including site development, utility installation, and construction across the Southeastern United States.

Cardinal Infrastructure Group Inc. completed the acquisition of Allied Paving Contractors, Inc. for approximately $115 million on October 1, 2026. The consideration consisted of roughly $88.9 million in cash and 1,006,796 shares of Class A Common Stock. Allied generated approximately $100 million in standalone revenue. John McLean, CEO of Allied, will join Cardinal to manage paving operations across Georgia. This transaction expands Cardinal's self-performing capabilities in the Atlanta market. Cardinal Infrastructure Group Inc. provides comprehensive infrastructure services including wet utility installations, site clearing, grading, and paving for residential, commercial, industrial, and municipal projects.

Cardinal Infrastructure Group Inc.'s subsidiary, Cardinal Civil Contracting LLC, entered into a second amendment to its credit agreement with Truist Bank on September 10, 2026. The amendment establishes a delayed draw term loan facility with an aggregate principal amount of up to $250 million and increases the aggregate revolving commitments from $75 million to $100 million. Other provisions of the existing credit agreement remain unchanged. Cardinal Infrastructure Group Inc. operates in the infrastructure construction industry.

Cardinal Infrastructure Group Inc. reported second quarter 2026 results with record revenue of $226.9 million, up 114% year-over-year, and adjusted EBITDA of $28.1 million. The company raised its full-year 2026 revenue guidance to $880-$900 million and announced the acquisition of Allied Paving for approximately $120 million in cash and stock. Cardinal operates as a full-service infrastructure service provider specializing in civil and site development solutions in the Southeastern United States.