Cardinal Infrastructure Group, Inc. has agreed to acquire Hughes Brothers Construction, Inc., a heavy civil and site development contractor based in Central Florida, for $357.5 million. The deal includes up to $97.5 million in additional performance-based payments, bringing its potential total value to $455 million. The acquisition is expected to close in the fourth quarter of 2026.
The transaction will be funded with a mix of cash and stock. Cardinal expects the acquisition to immediately increase its adjusted EBITDA margin in 2026.
Hughes Brothers has more than 500 employees and a backlog of approximately $350 million. Its trailing 12-month revenue exceeded $220 million as of June 30, 2026. The acquisition will give Cardinal a new platform in the growing Central Florida market.