Primoris Services Corporation (NASDAQ Global Select: PRIM) ("Primoris"
or "Company") today announced that it has acquired Aevenia, Inc.
("Aevenia"), a subsidiary of Otter Tail Corporation (NASDAQ: OTTR).
Headquartered in Moorhead, Minnesota, Aevenia is an energy and
electrical construction company. The transaction closed on February 28,
2015 and was valued at approximately $23 million. For the year ended
December 31, 2014, Aevenia generated EBITDA of $5.9 million on revenues
of $44.4 million.
Aevenia specializes in overhead and underground line work, substations,
telecom/fiber, and certain other client-specific on-demand call out
services. The majority of their work is delivered under unit-price
Master Services Agreements ("MSAs"). Aevenia has operations in
Minnesota, North Dakota, South Dakota and Iowa.
Aevenia will be re-branded as Primoris AV, Energy and Electrical
Construction Corporation, and operate as part of Primoris' Energy
segment. Current management, including Aevenia President Mike Hanson,
will continue to manage day to day operations.
Brian Pratt, Primoris Chairman, President and CEO, commented, "The
addition of Aevenia's services is a logical expansion of Primoris'
existing offerings and opens up new geographies to us in the Midwest.
Along with Aevenia's profitable work for third-party clients, we believe
there are opportunities for Aevenia to grow sales by performing in-house
work for other Primoris subsidiaries. We're pleased to have Mike Hanson
and his team join the Primoris family, and we look forward to offering
our customers a broader range of services."
Founded in 1960, Primoris, through various subsidiaries, has grown to
become one of the largest construction service enterprises in the United
States. Serving diverse end markets, Primoris provides a wide range of
construction, fabrication, maintenance, replacement, water and
wastewater, and engineering services to major public utilities,
petrochemical companies, energy companies, municipalities, and other
customers. The Company's national footprint extends from Florida, along
the Gulf Coast, through California, into the Pacific Northwest and
Canada. For additional information, please visit www.prim.com.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements,
including with regard to the Company's future performance. Words such as
"estimated," "believes," "expects," "projects," "may," and "future" or
similar expressions are intended to identify forward-looking statements.
Forward-looking statements inherently involve known and unknown risks,
uncertainties, and other factors, including without limitation, those
described in this press release and those detailed in the "Risk Factors"
section and other portions of our Annual Report on Form 10-K for the
period ended December 31, 2013, and other filings with the Securities
and Exchange Commission. Given these uncertainties, you should not place
undue reliance on forward-looking statements. Primoris does not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under applicable
Primoris Services Corporation
Kate Tholking, 214-740-5615
of Investor Relations
Source: Primoris Services Corporation
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