Cardinal Infrastructure to buy Hughes Brothers for $357.5 million

Cardinal Infrastructure Group, the Raleigh, North Carolina-based site development company listed on Nasdaq under CDNL, said on October 13, 2026 that it had signed a deal to buy Hughes Brothers Construction, a Central Florida heavy civil contractor, for $357.5 million.

The company said the price reflects a multiple in line with what it has paid for earlier platform deals in new markets, and that the purchase should be completed in the fourth quarter of 2026 once regulators sign off and other standard conditions are met, according to a statement distributed by PR Newswire.

Hughes Brothers works on underground utilities, earthwork and site preparation, sewer and gas main installation and roadway construction for residential, commercial, industrial and municipal clients. It performs much of the work with its own crews and holds its equipment fleet through a separate subsidiary. Cardinal said the existing local management team will stay on.

Jeremy Spivey, chief executive of Cardinal, said the purchase advances a plan to assemble what he called "the Southeast's premier site development platform" and described Hughes Brothers as a founder-led business that will add to earnings immediately.

Cardinal scheduled a conference call and webcast for investors and analysts at 10:30 a.m. Eastern time on October 13, 2026 to discuss the transaction.

This story was first reported by PR Newswire.