Primoris Services Corporation to Acquire PayneCrest Electric, Inc., Expanding Electrical Capabilities

About this update from Primoris Services Corporation

DALLAS, March 31, 2026--(BUSINESS WIRE)--Primoris Services Corporation (NYSE: PRIM) ("Primoris" or the "Company") announced today that it has entered into a definitive purchase agreement to acquire PayneCrest Electric, Inc. ("PayneCrest") in an all-cash transaction valued at $422 million. 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 $350 and $370 million and total adjusted earnings before interest, tax, depreciation, and amortization ("adjusted EBITDA"), 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. PayneCrest 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. "We’re pleased to welcome PayneCrest’s employees to our Primoris team," said Koti Vadlamudi, President and Chief Executive Officer of Primoris. "The addition of PayneCrest’s 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." "Joining Primoris is a tremendous opportunity for our employees and customers," said Ryan Freeman, Chief Executive Officer of PayneCrest. "We look forward to building upon our legacy of delivering safe, high-quality performance on the most c...

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