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CDNL 資訊
CDNL 事件
Cardinal Infrastructure Acquires Hughes Brothers Construction for $357.5M
Cardinal Infrastructure announced that it has entered into a definitive agreement to acquire Hughes Brothers Construction for $357.5M 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. The transaction is immediately accretive to Cardinal's guided 2026 adjusted EBITDA margin range with trailing 12-month revenue of more than $220M as of June 30. The consideration of $357.5M will be funded through a combination of cash and Cardinal Class A common stock, with shares issued to the selling stockholders subject to a 180-day lock-up; the cash portion is expected to be funded with new debt financing, together with cash on hand. Selling stockholders may earn additional consideration of up to $97.5M, payable in cash and in Cardinal Class A common stock, based on Hughes Brothers' adjusted EBITDA performance for the 12 months ending December 31, 2026, bringing total potential transaction value to approximately $455M.
Cardinal Infrastructure Secures Approximately $40M Contract
Cardinal Infrastructure (CDNL) announced that A.L. Grading Contractors, ALGC, has been awarded an approximately $40M contract to deliver full-site civil infrastructure services for the Carnesville, Georgia, Walmart (WMT) Sorting Facility. The 164-acre project will be self-performed by ALGC and Allied Paving Contractors, Cardinal's previously announced paving company acquisition expected to close in the fourth quarter. The scope of work includes mass grading of 1.8 million cubic yards; 54,000 linear feet of storm, sewer and water utility work; a 1.5 million-square-foot building pad; fine grading for asphalt and concrete paving; and 83,000 yards of asphalt paving.
Cardinal Infrastructure Shares Drop 27.5% to $43.48
Cardinal Infrastructure is down -27.5%, or -$16.52 to $43.48.
Sees FY26 Adjusted EBITDA Margin of 16%-18%
Sees FY26 adjusted EBITDA margin of 16%-18%
Cardinal Reports Q2 Revenue of $226.9M, a Record High
Reports Q2 revenue $226.9M vs $106.1M last year. "This was one of the strongest growth quarters in Cardinal's history," said Jeremy Spivey, Chairman and Chief Executive Officer. "We delivered record revenue, our backlog climbed to an all-time high, and today we announced Allied Paving, our ninth acquisition since 2021, following Piedmont Pipe in Charlotte in May. Keeping pace with this level of customer demand, and investing to capture the opportunity it represents, cost more than we expected this quarter, resulting in margins below plan."
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