\nThe acquisition increases the Company\u2019s exposure to the high-growth data center services market and expands opportunities for integrating its industrial and renewables businesses with complementary electrical construction capabilities. PayneCrest is expected to be accretive to Primoris\u2019 revenue growth, cash flow, and operating income margin targets. For the full year 2026, PayneCrest is estimated to generate total revenue between $350 and $370 million and total adjusted earnings before interest, tax, depreciation, and amortization (\u201cadjusted EBITDA\u201d), a non-GAAP measure, of $38 to $42 million. The Company estimates that, for the full year 2026, the acquisition will contribute between $260 to $280 million of revenue and $28 to $32 million of adjusted EBITDA.<\/p>\n
\nPayneCrest is a leading electrical construction and services provider supporting industrial, manufacturing, and advanced facilities. Based in St. Louis, Missouri, the union contractor delivers specialized electrical design, construction, and maintenance solutions across diverse sectors. For more than 70 years, PayneCrest has maintained multi-decade relationships with its customers, demonstrating deep expertise in advanced electrical infrastructure across expanding end markets.<\/p>\n
\n\u201cWe\u2019re pleased to welcome PayneCrest\u2019s employees to our Primoris team,\u201d said Koti Vadlamudi, President and Chief Executive Officer of Primoris. \u201cThe addition of PayneCrest\u2019s highly skilled workforce, experienced leadership, and strong customer relationships are an excellent strategic and cultural fit for Primoris. This extension into electrical construction services presents us with the opportunity to expand our geographic footprint and customer relationships while adding to the range of services we can deploy across our end markets.\u201d<\/p>\n
\n\u201cJoining Primoris is a tremendous opportunity for our employees and customers,\u201d said Ryan Freeman, Chief Executive Officer of PayneCrest. \u201cWe look forward to building upon our legacy of delivering safe, high-quality performance on the most challenging projects. Joining our shared strengths with Primoris, we\u2019re providing a catalyst for meaningful growth, enhanced resources and greater support for those we serve.\u201d<\/p>\n
\nUpon completion of the transaction, Primoris expects PayneCrest to be part of its Energy segment, advancing Primoris\u2019 strategic plan to further integrate its power, industrial, and renewables services offerings.<\/p>\n
Transaction Approvals and Closing Conditions Financing Advisors About Primoris About PayneCrest Non-GAAP Measures Forward-Looking Statements View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260331928221\/en\/<\/a><\/span><\/p>\n Company Contact Media Contact KEYWORDS:<\/b> Texas United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Technology Engineering Architecture Other Energy Utilities Manufacturing Oil\/Gas Alternative Energy Energy Commercial Building & Real Estate Construction & Property Building Systems Telecommunications Urban Planning<\/p>\n
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<\/span><\/b>The transaction has been unanimously approved by the Board of Directors of Primoris and is expected to close in the second quarter of 2026. The transaction is subject to the receipt of regulatory approvals and other customary closing conditions.<\/p>\n
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<\/span><\/b>Primoris will acquire PayneCrest for a purchase price of $422 million, including $400 million funded through borrowings under an amended credit agreement with the Company\u2019s existing bank group.<\/p>\n
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<\/span><\/b>Weil, Gotshal & Manges LLP served as the Company\u2019s legal counsel. FMI Capital Advisors served as the financial advisor to PayneCrest. Lewis Rice LLC served as PayneCrest\u2019s legal counsel.<\/p>\n
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<\/span><\/b>Primoris Services Corporation is a leading provider of critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. Primoris delivers a range of engineering, construction, and maintenance capabilities that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, power generation, and transportation infrastructure, Primoris offers unmatched value to its clients, a safe and entrepreneurial culture to its employees, and innovation and excellence to its communities. To learn more, visit http:\/\/www.prim.com<\/a> and follow the Company on social media @PrimorisServicesCorporation<\/a>.<\/p>\n
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<\/span><\/b>For more than 70 years, PayneCrest has delivered complex electrical installations to the industrial, data center, power, and commercial markets. With over 600 employees, PayneCrest specializes in taking on complex, high-impact projects with a strong focus on safety, innovation, and collaboration. Headquartered in St. Louis, Missouri, PayneCrest\u2019s work is rooted in the midwest region of the United States with national reach, delivering end-to-end solutions such as design\/build, engineering, pre-construction, planning, prefabrication, and ongoing service and maintenance of electrical systems. To learn more, visit www.paynecrest.com<\/a>.<\/p>\n
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<\/span><\/b>This press release contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (\u201cGAAP\u201d). Primoris uses adjusted EBITDA as important supplemental measures of the Company\u2019s operating performance. The Company believes these measures enable investors, analysts, and management to evaluate Primoris\u2019 performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company\u2019s operating results with those of its competitors. The non-GAAP measures presented in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, Primoris\u2019 method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similarly titled measures as calculated by other companies that do not use the same methodology as Primoris.<\/p>\n
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<\/span><\/b>This press release contains certain forward-looking statements, including the Company\u2019s outlook, that reflect, when made, the Company\u2019s expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company\u2019s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as \u201canticipates\u201d, \u201cbelieves\u201d, \u201ccould\u201d, \u201cestimates\u201d, \u201cexpects\u201d, \u201cintends\u201d, \u201cmay\u201d, \u201cplans\u201d, \u201cpotential\u201d, \u201cpredicts\u201d, \u201cprojects\u201d, \u201cshould\u201d, \u201ctargets\u201d, \u201cwill\u201d, \u201cwould\u201d or similar expressions. Forward-looking statements include information concerning the Company\u2019s possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company\u2019s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risk that the proposed transaction is not consummated in a timely manner or at all, the effect of the announcement of the proposed transaction, failure to obtain necessary regulatory approvals or satisfy other closing conditions; customer timing, project duration, weather, and general economic conditions; changes in the Company\u2019s mix of customers, projects, contracts and business; regional or national and\/or general economic conditions and demand for the Company\u2019s services; price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids; variations and changes in the margins of projects performed during any particular quarter; increases in the costs to perform services caused by changing conditions; the termination, or expiration of existing agreements or contracts; the budgetary spending patterns of customers; inflation, tariffs and other increases in construction costs that the Company may be unable to pass through to its customers; cost or schedule overruns on fixed-price contracts; availability of qualified labor for specific projects; changes in bonding requirements and bonding availability for existing and new agreements; the need and availability of letters of credit; increases in interest rates and slowing economic growth or recession; the instability in the banking system; costs the Company incurs to support growth, whether organic or through acquisitions; the timing and volume of work under contract; losses experienced in the Company\u2019s operations; the results of the review of prior period accounting on certain projects and the impact of adjustments to accounting estimates; governmental investigations and\/or inquiries; intense competition in the industries in which the Company operates; failure to obtain favorable results in existing or future litigation or regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of the Company\u2019s partners, suppliers or subcontractors to perform their obligations; cyber-security breaches; failure to maintain safe worksites; risks or uncertainties associated with events outside of the Company\u2019s control, including conflicts in the Middle East, war between Russia and Ukraine, tension between China and Taiwan, and other geopolitical tensions, severe weather conditions, public health crises and pandemics, political crises or other catastrophic events; client delays or defaults in making payments; the cost and availability of credit and restrictions imposed by credit facilities; failure to implement strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments; possible information technology interruptions, cybersecurity threats or inability to protect intellectual property; disruptions and risks related to artificial intelligence; the Company\u2019s failure, or the failure of its agents or partners, to comply with laws; the Company’s ability to secure appropriate insurance; new or changing political conditions and legal and regulatory requirements, including those relating to environmental, health and safety matters; the loss of one or a few clients that account for a significant portion of the Company’s revenues; asset impairments; and risks arising from the inability to successfully integrate acquired businesses. In addition to information included in this press release, additional information about these and other risks can be found in Part I, Item 1A \u201cRisk Factors\u201d of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2025, and the Company\u2019s other filings with the U.S. Securities and Exchange Commission (\u201cSEC\u201d). Such filings are available on the SEC\u2019s website at www.sec.gov<\/a>. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.<\/p>\n<\/p>\n
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<\/b>Blake Holcomb
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Vice President, Investor Relations
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(214) 545-6773
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bholcomb@prim.com<\/a><\/p>\n
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<\/b>Rachel Weiss
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Senior Manager, Communications
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(973) 791-3568
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rweiss@prim.com<\/a><\/p>\n
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