The acquisition brings over 500 employees into the Cardinal fold, along with a diverse portfolio spanning residential, municipal, and industrial sectors. Hughes Brothers generated more than $220 million in revenue during the 12-month period ending June 30. Cardinal expects the purchase to immediately improve its adjusted EBITDA margins.
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Cardinal Infrastructure to Acquire Hughes Brothers for $357.5 Million
With a $357.5 million price tag, Cardinal Infrastructure is absorbing Florida-based Hughes Brothers Construction, marking the latest expansion in an aggressive acquisition spree. The deal, slated to close by year-end, secures a foothold in the competitive Central Florida market for the infrastructure services provider.
Funding for the transaction will draw from a mix of cash and Cardinal class A shares. Founders Chad and Justin Hughes are set to remain at the helm, maintaining continuity as the business integrates into its new parent company. This move follows Cardinal’s recent buyouts of Allied Paving Contractors in Atlanta and wet utilities provider Piedmont Pipe Construction in the Carolinas, signaling a strategy of rapid regional consolidation.
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