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CARDINAL INFRASTRUCTURE GROUP Cardinal Infrastructure Group ( CDNL ) Announces Acquisition of Hughes Brothers Construction , Inc. October 13 , 2026 RALEIGH , N.C. , Oct. 13 , 2026 / PRNewswire / -- Cardinal Infrastructure Group , Inc. , ( NASDAQ : CDNL ) ( " Cardinal " or the " Company " ) announced today that it has entered into a definitive agreement to acquire Hughes Brothers Construction , Inc. , ( " Hughes Brothers " ) , a leading Central Florida heavy civil and site development contractor for $ 357.5 million at a purchase price multiple consistent with Cardinal's typical range for new market platform acquisitions . The transaction is expected to close in the fourth quarter of 2026 , subject to regulatory approvals and customary closing conditions . CARDINAL INFRASTRUCTURE GROUP Cardinal management will host a conference call and live webcast for investors and analysts today , October 13 , 2026 , at 10:30 a.m. ET to discuss the acquisition . The call will be webcast on the " Events & Presentations " section of Cardinal's website . A replay of the webcast will be available at the same location shortly after the conclusion of the presentation . Strategic Highlights Establishes a scaled platform in the attractive Central Florida market • Leading Central Florida heavy civil and site development contractor with 500+ employees • Longstanding customer relationships across residential , commercial , industrial and municipal end markets Adds a highly complementary , turnkey business with differentiated capabilities and scale • Turnkey operating model supported by a fleet of owned equipment • Underground utility and site development capabilities • Proven ability to execute complex , large - scale projects , with the average project size exceeding 80 acres Immediately accretive financial profile and a substantial backlog enhance revenue visibility • Immediately accretive to Cardinal's guided 2026 adjusted EBITDA margin range with trailing 12 - month ( TTM ) revenue of more than $ 220 million as of June 30 , 2026 . • ~ $ 350 million in backlog provides significant visibility into future activity Creates multiple opportunities for continued growth and value creation • Complementary service capabilities and deep - rooted customer relationships create multiple opportunities to expand across end markets , capture additional share and drive organic growth