Cardinal Infrastructure Closes Allied Paving Acquisition, Expanding Construction Footprint
CDNL sits 35% above its 52-week low of $21.98.
Summary
Cardinal Infrastructure has completed its acquisition of Allied Paving Contractors, a move that expands its construction services portfolio. The deal was not previously disclosed in the timeline, making this a new development. The acquisition aligns with the company's recent growth trajectory, which saw Q2 revenue jump 114% year-over-year to $226.9 million and a backlog of $866 million. Insider buying in August, including $3.2 million by the CEO, signaled confidence ahead of this expansion. The closing adds scale and likely contributes to the company's already strong backlog, though financial terms of the deal were not disclosed.
At the time of this announcement, CDNL was trading at $29.74 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $21.98 to $96.40. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.