Primoris to acquire PayneCrest in $422M all-cash transaction

Primoris (PRIM) Services Corporation entered into a definitive purchase agreement to acquire PayneCrest Electric in an all-cash transaction valued at $422M. The acquisition increases the Company’s 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’ revenue growth, cash flow, and operating income margin targets. For the full year 2026, PayneCrest is estimated to generate total revenue between $350M and $370M and total adjusted earnings before interest, tax, depreciation, and amortization of $38 to $42M. The Company estimates that, for the full year 2026, the acquisition will contribute between $260M to $280M of revenue and $28M to $32M of adjusted EBITDA. PayneCrest is an 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. Upon completion of the transaction, Primoris expects PayneCrest to be part of its Energy segment, advancing Primoris’ strategic plan to further integrate its power, industrial, and renewables services offerings. 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. Primoris will acquire PayneCrest for a purchase price of $422M, including $400M funded through borrowings under an amended credit agreement with the Company’s existing bank group.