Cardinal Infrastructure Acquires Hughes Brothers Construction for Up to $455 Million
Cardinal Infrastructure Group (CDNL) has agreed to acquire Hughes Brothers Construction in a deal valued at up to $455 million. The base purchase price is set at $357.5 million, with an additional potential payment of up to $97.5 million contingent on Hughes Brothers’ adjusted EBITDA performance for 2026. This acquisition marks Cardinal’s expansion into Central Florida and aims to strengthen its site development business by integrating a well-established construction firm known for infrastructure projects in the region. The transaction is expected to enhance Cardinal's market presence, diversify revenue streams, and improve operational efficiencies through synergies with Hughes Brothers’ existing operations. The deal highlights growing consolidation trends within the construction sector as firms seek scale amid rising demand driven by public and private infrastructure spending.
Topics: Construction Infrastructure M&A