Cardinal Infrastructure closes $115M Allied Paving acquisition, adds Atlanta self-perform paving

Cardinal Infrastructure Group Inc.

Consideration of approximately $115.0M: $88.9M in cash plus 1,006,796 Class A shares (CDNL), subject to customary post-closing adjustments.
Allied Paving generated roughly $100M in standalone revenue; work performed on Cardinal projects will show in margin rather than consolidated revenue.
Deal expands Cardinal's self-performing capabilities in the Atlanta/Northern Georgia market, per COO Benji Wood.
Allied CEO John McLean joins Cardinal's leadership team to manage paving operations across Georgia; deal fits Cardinal's founder-led acquisition strategy.
Wood said Allied's crews let Cardinal sequence paving directly behind grading and site-development teams, shortening project timelines.

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