Cardinal Infrastructure Group Poised for Growth in Booming North Carolina Markets

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Cardinal Infrastructure Group (NASDAQ:CDNL), a leading provider of comprehensive infrastructure services in the Southeastern United States, has emerged as a strong competitor in the construction industry. The company has strategically expanded its presence and service offerings through a series of acquisitions, positioning it for continued growth in high-demand markets like the Raleigh, Charlotte, and Greensboro areas of North Carolina.

Why it matters

The Southeastern U.S., and North Carolina in particular, is experiencing rapid population and job growth, driving strong demand for infrastructure projects. Cardinal's focus on technical expertise, safety, and efficient project execution has allowed it to capitalize on this trend and build a robust backlog of work. As a vertically integrated provider, Cardinal is able to deliver a full suite of services, reducing the need for outsourcing and enabling industry-leading project delivery.

The details

Cardinal Infrastructure Group has grown both organically and through strategic acquisitions since its founding in 2013. The company has completed six acquisitions to date, deepening its presence in the Raleigh market and expanding into the Charlotte and Greensboro areas. This has allowed Cardinal to offer a comprehensive range of infrastructure services, including wet utility installations, grading, site clearing, erosion control, drilling and blasting, paving, and other related site work. Cardinal's dedication to safety, technology, and proven processes has enabled strong growth, with revenue increasing from $248 million in 2023 to $315 million in 2024, supported by a backlog that grew from $401 million to $512 million over the same period.

• Cardinal NC was founded in 2013 by Jeremy Spivey, the company's CEO.
• In 2021, Cardinal acquired Harrelson Utility Repair & Contracting Inc. to deepen its presence in the Raleigh market.
• In 2022, Cardinal acquired G. Goodwin Enterprises, LLC, further expanding its Raleigh operations.
• In July 2023, Cardinal expanded into the Charlotte area through the acquisition of Monroe Roadways, Inc.
• In January 2025, Cardinal acquired Purcell Construction, Inc. to bolster its Charlotte presence.

What’s next

Cardinal Infrastructure Group is expected to continue its growth strategy through additional acquisitions and organic expansion, further solidifying its position as a leading infrastructure services provider in the booming North Carolina market.