Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) announced the completion of its acquisition of Allied Paving Contractors, Inc. on October 1, 2026. The transaction was finalized on the Closing Date of October 1, 2026.
The consideration for the Acquisition was approximately $115.0 million. This payment consisted of an aggregate of approximately $88.9 million in cash and 1,006,796 shares of the Company’s Class A Common Stock. The issuance of the shares was conducted without a public offering and was made in reliance on exemptions from registration requirements under the Securities Act of 1933. The consideration is subject to customary post-closing adjustments.
According to the company, Allied Paving generated approximately $100 million in revenue on a standalone basis. Cardinal stated that a portion of this volume will be performed on Cardinal projects, which will be reflected in margin rather than consolidated revenue. The acquisition is intended to expand Cardinal's self-performing capabilities in the Atlanta market.
John McLean, the Chief Executive Officer of Allied, will join the Cardinal leadership team to manage paving operations across Georgia. Benji Wood, the Chief Operating Officer at Cardinal, commented on the addition of Allied's experienced paving crews to the company's operations in Northern Georgia.
The acquisition aligns with Cardinal’s strategy of targeting founder-led companies. The Company provides comprehensive infrastructure services including wet utility installations, site clearing, grading, erosion control, drilling and blasting, and paving across the Southeastern United States.
