Shares of Raleigh-based Cardinal Infrastructure Group popped more than 32% in midday trading Thursday after announcing the acquisition of A.L. Grading Contractors, its first since becoming a public company Dec. 10.
Cardinal paid $245.5 million for the Atlanta area company, comprised of an $80 million extension of Cardinal’s existing credit facility, $116.9 million in equity and $48.6 million in cash, with the equity consideration subject to a six-month post-closing lockup, according to an SEC filing.
Cardinal had about 1,335 employees before adding A.L. Grading, which has more than 300 employees and had an approximate revenue of $160 million last fiscal year. Cardinal had revenue of $187.9 million in the first six months of 2025, and about $315.2 million in revenue in 2024…