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 Establishing a Leading Utilities Services Provider
Primoris to Acquire PLH Group Establishing a Leading Utilities Services Provider June 2022
Slide 2: Forward Looking Statements
Forward Looking Statements 1 This presentation contains forward - looking statements within the meaning of the federal securities laws. These statements give t he current expectations of the Company’s management. Words such as “could,” “will,” “may,” “assume,” “forecast,” “strategy,” “guidance,” “o
Slide 3: Strategic Acquisition of PLH: Expanding in Power Delivery
Strategic Acquisition of PLH: Expanding in Power Delivery 2 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 tail
Slide 4: Transaction Summary
Transaction Summary 3 Purchase Price and Financial Impact • 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 – Implied EV / LTM Adjusted EBITDA multiple of 7.3x 1,2 • Estimated annual synergy b
Slide 5: PLH Group At-a-Glance
PLH Group At - a - Glance 4 Key Stats and Highlights Key Business Offerings Note: Financial and operating metrics for PLH represent the last 12 months ended May 31, 2022 unless otherwise indicated. 1 PLH Group Power Line Services business. 2 Defined as (adjusted EBITDA – capex) / adjusted EBITDA. $7
Slide 6: Advancing Our Strategy
Advancing Our Strategy 5 PLH Group is aligned with Primoris’ long - term goals and accelerates our growth plans Deepen Power Delivery market presence Broaden geographic reach, expand service offerings Grow craft labor base Transforms Electric & Gas Utility service offerings Presence in highly attrac
Slide 7: Secular Tailwinds Supporting Strong Growth Outlook
Secular Tailwinds Supporting Strong Growth Outlook 6 Electric T&D Utilities Market U.S. Gas Utility Services Market Aging T&D Infrastructure • Power Delivery spend steadily increasing • Regulatory - driven maintenance cycles accelerating growth • Outsourcing is expected to increase across electric d
Slide 8: Pro Forma Utility Presence Offers Attractive, National Footprint in the Fastest Growing Markets
Pro Forma Utility Presence Offers Attractive, National Footprint in the Fastest Growing Markets 7 Pro Forma Utility Locations Primoris Utility Locations PLH Electric Locations PLH Corporate Headquarters PLH Equipment Yards PLH Utility Gas Services Locations • Enhances exposure to the Sunbelt region
Slide 9: Enabling an Energy Efficient Future
Enabling an Energy Efficient Future 8 PLH enhances Primoris ’ ability to support the environmental goals of clients Utility - scale solar Biofuels/green fuels retrofitting Water reuse Carbon capture, use and storage (CCUS) Recycled asphalt pavement Hydrogen home pilot project Battery energy storage
Slide 10: Continuing to Transform the Primoris Portfolio
Gas 2 27% Electric 1 22% Communications 4% Energy/Renewables 4 36% Pipeline 3 11% MSA 46% Non - MSA 54% Gas 26% Electric 13% Energy/Renewables 35% Pipeline Segment 26% Continuing to Transform the Primoris Portfolio 9 MSA 48% Non - MSA 52% Gas 28% Electric 15% Communications 5% Energy/Renewables 40%
Slide 11: Executing on our Strategy to Pursue Accretive M&A
Executing on our Strategy to Pursue Accretive M&A • Disciplined valuation • Utilizing cash / stock mix, where appropriate, to better align interests post - close • Company leadership in place to run the business • Leadership position in new geography • Enhances presence and capabilities in an existi
Slide 12: Primoris
P-C Primoris www.primoriscorp.com
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