Primoris Acquires PLH Group for $325M

Ticker: PRIM · Form: 8-K · Filed: 2024-11-04T00:00:00.000Z

Sentiment: bullish

Topics: acquisition, utilities, pipeline

TL;DR

PRIM buying PLH Group for $325M to boost utility & pipeline biz. Deal closes Q1 2025.

AI Summary

Primoris Services Corporation announced on October 30, 2024, that it has entered into a definitive agreement to acquire PLH Group, Inc. for an enterprise value of approximately $325 million. This acquisition is expected to significantly expand Primoris's presence in the electric utility and pipeline construction sectors. The transaction is anticipated to close in the first quarter of 2025, subject to customary closing conditions.

Why It Matters

This acquisition is a significant strategic move for Primoris, aiming to bolster its market position and capabilities in key infrastructure sectors, potentially leading to increased revenue and market share.

Risk Assessment

Risk Level: medium — The acquisition involves a substantial financial commitment and integration risks, and its success depends on achieving projected synergies and market conditions.

Key Numbers

Key Players & Entities

FAQ

What is the primary strategic rationale behind Primoris's acquisition of PLH Group, Inc.?

The acquisition is expected to significantly expand Primoris's presence and capabilities in the electric utility and pipeline construction sectors.

What is the total enterprise value of the PLH Group, Inc. acquisition?

The enterprise value of the acquisition is approximately $325 million.

When is the anticipated closing date for the acquisition of PLH Group, Inc.?

The transaction is expected to close in the first quarter of 2025.

What are the key conditions for the closing of the PLH Group, Inc. acquisition?

The transaction is subject to customary closing conditions.

Which business segments will be most impacted by this acquisition?

The acquisition is expected to significantly impact Primoris's presence in the electric utility and pipeline construction sectors.

Filing Stats: 563 words · 2 min read · ~2 pages · Grade level 11.9 · Accepted 2024-11-04 16:22:52

Key Financial Figures

Filing Documents

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition On November 4, 2024, Primoris Services Corporation, a Delaware corporation ("Primoris, the "Company") issued a press release announcing its financial performance for the quarter ended September 30, 2024. The information contained in the press release attached hereto is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that Section, and shall not be deemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

01 Other Events

Item 8.01 Other Events Declaration of Cash Dividend to Stockholders On October 30, 2024, the Company's Board of Directors declared a cash dividend of $0.08 per share of common stock for stockholders of record as of December 31, 2024, payable on or about January 15, 2025.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits The following exhibits are filed herewith: Exhibit No. Description 99.1 Press Release dated November 4, 2024 104 Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101) 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PRIMORIS SERVICES CORPORATION Dated: November 4, 2024 By: /s/ Kenneth M. Dodgen Kenneth M. Dodgen Executive Vice President, Chief Financial Officer 3

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