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Cardinal Infrastructure Group completed the acquisition of A.L. Grading Contractors for $245.5 million, paid in $128.6 million cash, 4,186,062 Common Units with matching Class B shares valued at $108.0 million, and 345,666 Class A shares issued to ALGC employees and service providers.
The cash portion was funded with cash on hand and an amended credit agreement that increased the term loan facility from $120.0 million to $200.0 million. ALGC generated trailing twelve‑month revenue of $159.9 million and Adjusted EBITDA of $42.0 million, a 26.3% margin.
Cardinal issued preliminary 2025 estimates for revenue of $452–$459 million, Adjusted EBITDA margin of 17.8–18.0%, and backlog of $678–$685 million, and guided 2026 revenue to $664–$678 million with consolidated Adjusted EBITDA margin of at least 20%. Anthony Wood is expected to join the board, and Benjamin Wood will become Chief Operating Officer under three‑year employment agreements.
Cardinal Infrastructure Group Inc. disclosed that Erik Daniel West and the West Family 2024 Irrevocable Trust together reported beneficial ownership of 6,114,009 shares of Class A common stock, representing 29.0% of the class as of December 31, 2025.
The percentage is based on 14,947,318 Class A shares outstanding plus 6,114,009 shares that West has the right to acquire within 60 days. West holds 5,095,925 shares through LLC units exchangeable into Class A stock and may be deemed to share ownership of 1,018,084 additional shares held by the family trust.
Jeremy Simmons Spivey filed a Schedule 13G reporting significant ownership in Cardinal Infrastructure Group Inc. He reports beneficial ownership of 12,229,848 shares of Class A Common Stock, representing 45.0% of the class. This figure includes shares he may acquire within 60 days of December 31, 2025, based on 14,947,318 Class A shares outstanding as of that date.
Spivey is the record holder of 10,179,004 shares underlying LLC Units and associated Class B shares that are redeemable one-for-one into Class A shares. He may also be deemed to share beneficial ownership of 2,050,844 additional shares held by the Spivey Family 2024 Irrevocable Trust, resulting in shared voting and dispositive power over that portion.
Cardinal Infrastructure Group Inc. received a Schedule 13G reporting a significant ownership position in its Class A common stock. Michael Bruce Rowe, Jr. and the Rowe Family 2024 Irrevocable Trust each report beneficial ownership of 2,038,003 shares, equal to 29.0% of the Class A shares.
The filing calculates this stake based on 14,947,318 Class A shares outstanding as of December 31, 2025 plus 2,038,003 shares that Mr. Rowe can acquire within 60 days. Mr. Rowe directly holds 1,834,084 shares underlying LLC Units exchangeable one-for-one into Class A shares and may be deemed to share beneficial ownership of 203,617 shares held by the family trust through his relationship to the trustee.
Mark McKinney reported a 5.1% beneficial ownership stake in Cardinal Infrastructure Group Inc. Class A common stock. As of December 31, 2025, he beneficially owned 760,438 shares with sole voting and dispositive power. The percentage is based on 14,947,318 shares outstanding as of the same date.
Cardinal Infrastructure Group Inc. reported a significant shareholder position held by Ross Berner. As of December 31, 2025, Berner beneficially owned 804,405 shares of the company’s Class A common stock, representing 5.4% of the 14,947,318 shares outstanding on that date.
Berner has sole voting and sole dispositive power over all 804,405 shares, with no shared voting or investment authority and no indication that the holdings are on behalf of other parties.
Schonfeld Strategic Advisors LLC, a Delaware investment adviser, disclosed a passive stake in Cardinal Infrastructure Group Inc. through a Schedule 13G filing. Schonfeld reports beneficial ownership of 1,285,430 shares of Class A common stock, representing 8.60% of the outstanding class as referenced in the issuer’s prospectus.
Schonfeld has sole voting and dispositive power over these shares, which are held in separately managed accounts for its private-fund clients. The firm states the holdings are in the ordinary course of business and not for the purpose of changing or influencing control of Cardinal Infrastructure Group.
AllianceBernstein L.P. filed a Schedule 13G reporting a passive ownership stake in Cardinal Infrastructure Group Inc.. It beneficially owns 942,064 shares of common stock, representing 7.1% of the class as of the event date.
AllianceBernstein reports sole voting power over 896,481 shares and sole dispositive power over 942,064 shares, with no shared voting or dispositive power. The shares were acquired solely for investment purposes in discretionary client accounts, and AllianceBernstein certifies they are not held to change or influence control of the company.
Wasatch Advisors reported beneficial ownership of 683,986 shares of Cardinal Infrastructure Group Class A stock, representing 5.2% of the class, as of 12/31/2025. Wasatch has sole voting power over 645,318 shares and sole dispositive power over all 683,986 shares.
The firm states the shares were acquired and are held in the ordinary course of business, and not for the purpose of changing or influencing control of Cardinal Infrastructure Group.
FMR LLC has filed a Schedule 13G reporting beneficial ownership of 1,648,071 shares of Cardinal Infrastructure Group Inc Class A common stock, representing 12.5% of the class as of the reported date. FMR LLC has sole voting and dispositive power over these shares. Abigail P. Johnson is also listed as a reporting person with beneficial ownership of the same 1,648,071 shares, holding sole dispositive but no voting power. The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the company.