Primoris Services Corporation · NYSE:PRIM
Primoris Services — Merger or Acquisition (June 2022)
12 slides from Primoris Services's merger presentation, Jun 27, 2022
Slide 1: Primoris to Acquire PLH Group
Primoris to Acquire PLH Group Establishing a Leading Utilities Services Provider June 2022
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. These statements give the current expectations of the Company’s management. Words such as “could,” “will,” “may,” “assume,” “forecast,” “strategy,” “guidance,” “outlook
Slide 3: Strategic Acquisition of PLH: Expanding in Power Delivery
Strategic Acquisition of PLH: Expanding in Power Delivery Nearly doubles Power Delivery business, increasing the Company’s Utilities segment to over 50% of pro forma revenue Grows employee base, providing skilled labor to better serve attractive end markets supported by decades-long secular tailwind
Slide 4: Transaction Summary
Transaction Summary • Primoris to acquire PLH Group for an all-cash purchase price of $470 million – LTM adjusted EBITDA of ~$54 million, plus estimated annual synergy benefit Purchase – Implied EV / LTM Adjusted EBITDA multiple of 7.3x1,2 Price and • Estimated annual synergy benefit of $10.0 millio
Slide 5: PLH Group At-a-Glance
PLH Group At-a-Glance Key Stats and Highlights Key Business Offerings • First-to-last mile electric transmission and distribution $733 mm $54 mm services providing installation, maintenance and other specialized LTM revenue LTM adjusted EBITDA Power ~61% services Delivery 2021A • PLH has full range
Slide 6: Advancing Our Strategy
Advancing Our Strategy PLH Group is aligned with Primoris’ long-term goals and accelerates our growth plans Deepen Power Delivery market Transforms Electric & Gas Utility presence service offerings Broaden geographic reach, Presence in highly attractive expand service offerings Sunbelt and Californi
Slide 7: Secular Tailwinds Supporting Strong Growth Outlook
Secular Tailwinds Supporting Strong Growth Outlook Electric T&D Utilities Market $300 bn ~4.2% • Power Delivery spend steadily increasing Electric T&D Total Capex 2020A – 2025E • Regulatory-driven maintenance cycles Spend Expected by 2025 CAGR accelerating growth Aging T&D Infrastructure • Outsourci
Slide 8: Pro Forma Utility Presence Offers Attractive, National Footprint
Pro Forma Utility Presence Offers Attractive, National Footprint in the Fastest Growing Markets Pro Forma Utility Locations • Enhances exposure to the Sunbelt region • Establishes bulkhead in New England • Offers complementary coverage in California and Western Canada Primoris Utility Locations PLH
Slide 9: Enabling an Energy Efficient Future
Enabling an Energy Efficient Future PLH enhances Primoris’ ability to support the environmental goals of clients Utility-scale solar Biofuels/green fuels Battery energy storage Renewables transmission retrofitting solutions infrastructure EV-Grid integration Water reuse Carbon capture, use and stora
Slide 10: Continuing to Transform the Primoris Portfolio
Continuing to Transform the Primoris Portfolio PLH Group expands Primoris’ share of both highly-attractive Utility exposure and lower-risk MSA revenue Primoris (Pre-FIH) Primoris 2021 Primoris Pro Forma 2021 Utility End Market Mix Increases from 39% to 53% Pipeline3 Pipeline 11% Pipeline End Market
Slide 11: Executing on our Strategy to Pursue Accretive M&A
Executing on our Strategy to Pursue Accretive M&A PLH Group “checks the box” for Primoris’ stated M&A criteria Acquisition Rationale and Strategy PLH Group • Leadership position in new geography ✓ • Enhances presence and capabilities in an existing geography ✓ • Provides new customers or enhances ex
Slide 12: www.primoriscorp.com
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