DALLAS, TX — Primoris Services Corporation announces that it has entered into a definitive merger agreement to acquire PLH Group, Inc. in an all-cash transaction valued at $470 million.

Primoris provides critical infrastructure services to the utility, renewables, and other related energy markets. The company’s strategic focus on utility markets includes power delivery, communications, and gas utilities. PLH Group is a utility-focused specialty construction company with concentration in key fast-growing regions of the U.S. Both companies are headquartered in the Dallas-Fort Worth metroplex.

• Nearly doubles Power Delivery business and increases the company’s utilities segment to over 50 percent of pro forma revenue
• Solidifies power delivery presence in the five fastest-growing states to create more turnkey opportunities
• Accelerates the company’s ongoing portfolio transition toward higher-growth, higher-margin markets and recurring Master Service Agreement (MSA) revenue

• Double-digit earnings per share accretion within 12 months with material cost and revenue synergies
• Primoris expects annual cost savings of at least $10 million from cost initiatives within 24 months after the close of the transaction
• Pro forma for the transaction Primoris net leverage of approximately 3.3x net debt to adjusted EBITDA for the last 12 months with targeted de-levering to 2.0x by 2024

“This acquisition aligns solidly with our strategic focus on higher-growth, higher-margin business segments,” said Tom McCormick, President and Chief Executive Officer of Primoris. “It expands our footprint for power delivery services at a time when improvement and expansion of our domestic electric grid is driving massive capital investment in this market.”

McCormick also pointed to the strengths of PLH in emerging growth utility markets including data centers and renewable-power-generation-to-grid connections.

“We are the best owner for this business, and its scope complements ours both in end markets and geographic coverage, advancing us along our strategic path," he said. "We look forward to welcoming the PLH team to the Primoris family of companies.”

Peter Sandore, Chief Executive Officer of PLH Group, said, “We’re excited about the opportunities Primoris provides for both our customers and employees. Primoris’ wide range of services allow us to offer new capabilities to our existing customers while we continue to advance our core values of safety, integrity, professionalism, and teamwork. Further, Primoris’ size and expanded footprint will give the PLH teams access to greater career mobility and more diverse job opportunities in the future.”