The Daily Dig
Cardinal Infrastructure Group (NASDAQ: CDNL) announced on October 13, 2026, that they have agreed to acquire Hughes Brothers Construction for $357.5 million. Hughes Brothers is a heavy civil and site development contractor, and the deal would give Cardinal a foothold in Central Florida.
“We are excited to welcome Hughes Brothers to Cardinal as we take another important step in our strategy to build the Southeast’s premier site development platform by moving into the fast-growing Central Florida market,” said Jeremy Spivey, CEO of Cardinal Infrastructure Group.
Pipe Dreams
Hughes Brothers brings more than 500 employees and a scope built around underground and site work. Their services cover underground utilities, site preparation, earthwork, sewer, gas mains, and roadway construction.
They self-perform a significant portion of that work. Their fleet is owned through a dedicated equipment subsidiary.
Their jobs run big, with the average project topping 80 acres. The company also arrives with about $350 million in backlog.
Earning Their Keep
The sellers can collect up to $97.5 million more, based on how Hughes Brothers performs on adjusted EBITDA for the 12 months ending December 31, 2026. That would push the total potential deal value to about $455 million.
Co-Founders Chad Hughes and Justin Hughes will continue to lead the business. The deal is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.
Snapshot:
Acquirer: Cardinal Infrastructure Group, Inc. (NASDAQ: CDNL)
Target: Hughes Brothers Construction, Inc.
Region: Central Florida
Sector: Heavy civil and site development
Core Scope: Underground utilities, site preparation, earthwork, sewer, gas mains, roadway construction
Specialty: Wet utility installation and large site development projects
End Markets: Residential, commercial, industrial, municipal
Workforce: 500+ employees
Equipment: Owned fleet via dedicated equipment subsidiary
Avg. Project Size: 80+ acres
Upfront Consideration: $357.5 million
Earnout: Up to $97.5 million, tied to adjusted EBITDA for the 12 months ending December 31, 2026
Total Potential Value: About $455 million
Consideration Mix: Cash and Cardinal Class A common stock
Stock Lock-Up: 180 days
Cash Funding: New debt financing plus cash on hand
Pro Forma Net Leverage: 1.4x (stated maximum target 2.5x)
Backlog: About $350 million
TTM Revenue: More than $220 million (as of June 30, 2026)
Status: Definitive agreement signed, closing pending
Expected Close: Q4 2026, subject to regulatory approvals and customary closing conditions
Leadership: Chad Hughes (President, Co-Founder), Justin Hughes (Vice President, Co-Founder), both staying on
Announced: October 13, 2026
TheJobWalk Thoughts
Cardinal calls Hughes Brothers a platform for more acquisitions across Florida, not a single purchase. If you own a Florida site or utility contractor, there may now be an active buyer in the market. If you compete with Hughes Brothers, expect Cardinal to push for more share in Central Florida.
Cardinal also offers services Hughes Brothers doesn’t list, such as erosion control and drilling and blasting. Spivey sees room to expand service offerings, so subs and suppliers in that scope should watch what shows up locally. Purchasing could run through Cardinal or stay with Hughes Brothers, so keep both relationships warm.
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