Primoris Services Corporation (NASDAQ Global Select: PRIM) ("Primoris"
or "Company") today announced that its James Construction Group
subsidiary has acquired the assets of Silva Contracting Company, Inc.,
Tarmac Materials, LLC and C3 Interests, LLC (collectively, "the Silva
Companies"). Based outside of Houston, Texas, the Silva Companies
provide transportation infrastructure maintenance, asphalt paving, and
material sales in the Gulf Coast region of the United States.
For the year ended December 31, 2011, the Silva Companies generated
revenues of approximately $24 million, the majority of which were
derived from project work in the greater Houston area.
Total consideration was approximately $14 million in cash, which
represents the market value of acquired real estate and equipment.
The Silva Companies will operate within James Construction Group as part
of Primoris’s East Construction Services segment. Cayetano Silva III,
principal manager of the Silva Companies, and his team will continue to
manage the day-to-day operations of Silva Contracting.
Danny Hester, President of James Construction Group, commented, "This
acquisition will strengthen our capabilities by bringing in-house a set
of services and skills that we previously outsourced. The Silva
Companies enhance our presence in south Texas and will provide a base
for further expansion in the Gulf Coast region. The Silva Companies have
earned a reputation for dedicated client focus and quality work
products. We look forward to working together."
ABOUT PRIMORIS
Founded in 1946, Primoris, through various subsidiaries, has grown to
become one of the largest specialty contractors and infrastructure
companies 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. 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 risks and uncertainties,
including without limitation, those described in this press release and
those detailed in the "Risk Factors" section and other portions of our
Quarterly Report on Form 10-Q for the period ended March 31, 2012, and
other filings with the Securities and Exchange Commission. 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
securities laws.
