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Cardinal Infrastructure Group, Inc. (NASDAQ: CDNL) announced on October 13, 2026, that it had signed a definitive agreement to acquire Central Florida contractor Hughes Brothers Construction, Inc. The stated consideration is $357.5 million, with up to $97.5 million in additional performance-based consideration possible. Cardinal expected the deal to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions; the announcement did not say the acquisition had closed.
What Cardinal agreed to pay
Cardinal stated consideration of $357.5 million, funded with a combination of cash and Cardinal Class A common stock. The cash portion is expected to come from new debt financing and cash on hand. Shares issued to the sellers are subject to a 180-day lock-up. These terms were reported by Cardinal in its October 13 announcement and transaction details.
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The agreement also provides for up to $97.5 million in additional consideration, payable in cash and Cardinal Class A common stock, depending on Hughes Brothers’ adjusted EBITDA performance for the 12 months ending December 31, 2026. Cardinal described the resulting total potential transaction value as approximately $455 million. That upper figure is not fixed consideration: the additional payment depends on performance. Cardinal’s release describes the contingent terms.
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Hughes Brothers is a Central Florida heavy civil and site development contractor serving residential, commercial, industrial, and municipal customers. Cardinal says the company has more than 500 employees and performs work including underground utilities, site preparation, earthwork, sewer and gas main installation, roadway construction, wet utility installation, and large-scale site development. It also says Hughes Brothers self-performs a significant portion of its work and owns its fleet through a dedicated equipment subsidiary. These descriptions and operating figures come from Cardinal’s announcement, not an independent audit. Company profile and metrics; operating and leadership details.
#1 Best Overall
Reported revenue, backlog, and leverage
Cardinal reported that Hughes Brothers had more than $220 million in trailing 12-month revenue as of June 30, 2026, and approximately $350 million in backlog. Backlog is a measure of contracted or awarded work expected to be performed, not a guarantee of future revenue; the announcement does not provide further detail on its composition or conversion schedule. Cardinal said the backlog provides visibility into future activity.
Cardinal also estimated pro forma net leverage of 1.4x, compared with its stated maximum target of 2.5x. Both leverage figures are the buyer’s estimates and target, rather than independently verified measures. The release does not provide enough detail here to assess the calculation or the financing terms beyond the stated funding mix. Cardinal’s transaction announcement; reported company metrics.
Rank #2
Why Cardinal says it is making the acquisition
Cardinal said the acquisition would establish a scaled platform in Central Florida, extend its turnkey site-development offering, and create a base for further growth and targeted acquisitions in Florida. Those are the buyer’s strategic aims, not guaranteed outcomes. CEO Jeremy Spivey said the deal was “another important step in our strategy to build the Southeast’s premier site development platform” by entering the fast-growing Central Florida market. Spivey’s statement.
Expected closing and Hughes family leadership
Cardinal expected the transaction to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions. As of the October 13 announcement, it remained a proposed acquisition under a definitive agreement, not a completed transaction. Cardinal said Hughes Brothers president and co-founder Chad Hughes and vice president and co-founder Justin Hughes were expected to continue leading the business and support its growth after the acquisition. Closing expectations; leadership plans.
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Cardinal cautioned that expected benefits may not materialize as planned, integration could be delayed or prove more costly or difficult, and retaining key employees could be challenging. It also warned that the announcement could affect business relationships and operating results, and that actual results may differ materially from projections. The contingent payment, closing, and strategic benefits should therefore be treated as conditional rather than certain. Cardinal’s forward-looking statement.
The announcement does not identify competing offers or provide a basis for comparing this deal with another bidder or target. The figures available for Hughes Brothers—revenue, backlog, and employees—are buyer-reported and tied to the dates Cardinal specified; they should not be treated as a like-for-like comparison with other contractors unless comparable definitions and reporting periods are available.
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