Cardinal Infrastructure Group Announces Acquisition of Piedmont Pipe Construction

Cardinal Infrastructure Group (Nasdaq: CDNL) announced the acquisition of Piedmont Pipe Construction, a wet utilities provider founded in 1999 and operating across North and South Carolina.

Rhea-AI Summary

Cardinal Infrastructure Group (Nasdaq: CDNL) announced the acquisition of Piedmont Pipe Construction, a wet utilities provider founded in 1999 and operating across North and South Carolina.

The deal expands Cardinal's wet utility capabilities in the high-growth Charlotte market, where Piedmont will operate under the Cardinal Civil Contracting brand.

Positive

• Acquisition of Piedmont expands wet utility capabilities in Charlotte market
• Deal increases density in Cardinal’s existing high-growth regions
• Piedmont’s wet utility crews strengthen Cardinal’s owned labor force
• Integration under Cardinal Civil Contracting brand may streamline operations

Negative

• None.

Argus Jun 2 session

+4.37% close to close Open Argus

Details

News Market Reaction – CDNL

On Jun 2, the day this news came out, CDNL closed 4.37% above the previous close.

Data tracked by StockTitan Argus for the Jun 2 session.

Key Figures

Piedmont founding year: 1999 Q1 2026 revenue: $167.5 million Q1 2026 net income: $11.5 million +5 more

Piedmont founding year

1999

Piedmont Pipe Construction corporate history

Q1 2026 revenue

$167.5 million

Quarter ended March 31, 2026 (10-Q and earnings release)

Q1 2026 net income

$11.5 million

Quarter ended March 31, 2026 (10-Q and 8-K)

Backlog

$854 million

Backlog as of March 31, 2026 (8-K)

2026 revenue guidance

$675–$685 million

Raised full-year 2026 outlook (earnings release/8-K)

Adjusted EBITDA margin target

20%+

Full-year 2026 guidance (earnings release/8-K)

Data center contract value

$24 million

Large-scale data center campus development contract

ALGC acquisition consideration

$254.7 million

Total consideration for ALGC acquisition (10-Q / 8-K/A)

Historical Context

5 past events · Latest: May 21

5 events

1. May 21

   Leadership promotions

   24h Move

   -4.0%

   Expanded regional leadership and safety oversight across the Southeast footprint.

2. May 19

   Investor conferences

   24h Move

   -3.8%

   Participation in Stifel and William Blair conferences to engage institutional investors.

3. May 12

   Q1 earnings beat

   24h Move

   -5.4%

   Strong Q1 growth, raised 2026 revenue outlook, and higher backlog levels.

4. Apr 28

   Earnings call setup

   24h Move

   -0.1%

   Scheduled Q1 2026 earnings release and conference call logistics.

5. Apr 09

   New data center deal

   24h Move

   +2.1%

   Award of a $24 million mission-critical data center campus contract.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

wet utilities

1 terms

wet utilities technical

"Piedmont is a leading wet utilities provider across North and South Carolina."

Wet utilities are the companies and systems that deliver and treat water and handle sewage and stormwater—think of the pipes, treatment plants and services that bring clean water to taps and carry waste away. For investors, they matter because they operate as essential, often regulated services with predictable customer demand and steady cash flow, but require large, ongoing infrastructure spending and can face regulatory and environmental risks similar to owning a public highway or bridge.

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RALEIGH, N.C., June 2, 2026 /PRNewswire/ -- Cardinal Infrastructure Group, Inc., (Nasdaq: CDNL) ("Cardinal" or "the Company") announced the acquisition of Piedmont Pipe Construction, Inc., ("Piedmont"). Founded in 1999, Piedmont is a leading wet utilities provider across North and South Carolina. Headquartered near Charlotte, NC, this acquisition expands Cardinal's wet utility capabilities in the high-growth Charlotte market. Piedmont will operate under the Cardinal Civil Contracting brand.

"We are pleased to welcome Piedmont to the Cardinal family," said Jeremy Spivey, Chairman and Chief Executive Officer. "This acquisition is a clear example of our tuck-in strategy building density in our existing high-growth regions and deepening vertical integration. The addition of Piedmont's wet utility-focused crews strengthens our robust, owned labor force and positions us to better serve growth across the Charlotte metro area at greater scale. We welcome the entire Piedmont team to Cardinal and look forward to what we will build together."

About Cardinal
Cardinal Infrastructure Group (NASDAQ: CDNL) is one of the Southeast's fastest‑growing, full‑service infrastructure service providers. The company delivers integrated civil and site‑development solutions across high‑growth markets through a self‑performing model supported by skilled labor, specialized fleets and market‑leading subsidiaries. This model enables efficient turnkey project execution at scale while maintaining focus on building long-term client relationships. Cardinal's strategy is grounded in operational discipline, market expansion and a commitment to Integrity from the Ground Up.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the Company's future performance. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "may," "could," "plan," "project," "budget," "predict," "pursue," "target," "seek," "objective," "believe," "expect," "anticipate," "intend," "estimate," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. These statements involve risks and uncertainties and Cardinal's actual results could differ materially from the results expressed or implied by such forward-looking statements. The potential risks, uncertainties and other factors that could cause actual results to differ from those expressed by the forward-looking statements in this press release include, but are not limited to, difficulty in sustaining rapid revenue growth, which may place significant demands on Cardinal's administrative, operational and financial resources, fluctuations in Cardinal's revenue and the concentration of Cardinal's business in the Southeastern United States. Cardinal has based these forward-looking statements largely on its current expectations and projections regarding future events and trends that it believes may affect its business, financial condition and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section entitled "Risk Factors" in Cardinal's Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report"), and elsewhere in the Annual Report. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Cardinal cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those projected in the forward-looking statements. Although forward-looking statements reflect the good faith beliefs of Cardinal's management at the time they are made, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Cardinal undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law. These cautionary statements qualify all forward-looking statements attributable to Cardinal or persons acting on its behalf.

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SOURCE Cardinal Infrastructure Group Inc.

FAQ

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What did Cardinal Infrastructure Group (CDNL) announce on June 2, 2026?

Cardinal Infrastructure Group announced it acquired Piedmont Pipe Construction, a wet utilities provider in the Carolinas. According to Cardinal, Piedmont will operate under the Cardinal Civil Contracting brand, enhancing wet utility capabilities in the high-growth Charlotte, North Carolina market.

Who is Piedmont Pipe Construction in the Cardinal Infrastructure Group (CDNL) acquisition?

Piedmont Pipe Construction is a wet utilities provider founded in 1999 and based near Charlotte. According to Cardinal, Piedmont serves North and South Carolina and will now operate under the Cardinal Civil Contracting brand after completion of the acquisition.

How does the Piedmont acquisition support Cardinal Infrastructure Group’s (CDNL) growth strategy?

The Piedmont acquisition supports Cardinal’s tuck-in strategy of building density in high-growth regions. According to Cardinal, the deal deepens vertical integration and strengthens its owned wet utility labor force to better serve expansion across the Charlotte metro area at greater scale.

What operational changes will follow the Cardinal Infrastructure Group (CDNL) acquisition of Piedmont?

Following the acquisition, Piedmont will operate under the Cardinal Civil Contracting brand within Cardinal Infrastructure. According to Cardinal, Piedmont’s wet utility-focused crews will be integrated into its owned labor force to improve service capacity in the Charlotte metropolitan market.

What markets does the Piedmont acquisition add to Cardinal Infrastructure Group (CDNL)?

The acquisition adds and strengthens Cardinal’s presence in North and South Carolina, especially Charlotte. According to Cardinal, Piedmont’s operations near Charlotte expand its wet utility capabilities in this high-growth metro area and increase regional density for civil contracting services.