The transaction is expected to close in the fourth quarter of 2026, pending regulatory approvals. Cardinal plans to fund the purchase through a mix of cash, new debt, and Class A common stock. Following the acquisition, Hughes Brothers co-founders Chad and Justin Hughes will remain with the company to oversee regional expansion and maintain existing municipal and private sector relationships.
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Cardinal Infrastructure Group acquires Hughes Brothers for $357.5 million
Cardinal Infrastructure Group is expanding its footprint in the Southeast by acquiring Central Florida’s Hughes Brothers Construction for $357.5 million. The deal, which includes a potential $97.5 million earn-out, integrates a heavy civil contractor with 500 employees into Cardinal’s growing portfolio of infrastructure service providers.
Financial data indicates the deal is immediately accretive to Cardinal’s 2026 adjusted EBITDA margins. Hughes Brothers reported trailing 12-month revenue of over $220 million as of June 30, 2026, supported by a $350 million project backlog. Cardinal CEO Jeremy Spivey noted the acquisition aligns with the company's strategy to establish a premier site development platform across Florida, utilizing the acquired firm’s turnkey equipment fleet and specialized underground utility capabilities.
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