Cardinal Infrastructure Group (CDNL) Announces Acquisition of Hughes Brothers Construction, Inc.
Cardinal Infrastructure Group signed a definitive agreement to acquire Central Florida heavy civil contractor Hughes Brothers Construction for $357.5 million in cash and Class A stock. Selling stockholders can earn up to $97.5 million more in an EBITDA-based earnout, lifting total potential value to about $455 million; the cash portion is funded with new debt plus cash on hand, with pro forma net leverage of 1.4x versus a 2.5x maximum target.
Key figures
- Deal Value Usd
- 455000000
- Backlog
- ~$350 million
- Lockup days
- 180
- Max earnout
- $97.5 million
- Purchase price
- $357.5 million
- Hughes ttm revenue
- >$220 million (as of June 30, 2026)
- Proforma net leverage
- 1.4x
AI analysis
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