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Slide #99. Primoris Services Corporation — The Saxon Group, Inc.
Primoris Services Corporation (NASDAQ:PRIM)
The Saxon Group, Inc.
Primoris Services Corporation announced that its Primoris Energy Services subsidiary has acquired the assets of The Saxon Group, Inc.. Based in Suwanne, Georgia, just outside of Atlanta, Saxon is a full service industrial construction enterprise with special expertise in the industrial gas processing and power plant sectors. For 2011, Saxon revenues were approximately $38 million from such projects as a new power plant and new natural gas compression facilities. Total consideration was approximately $3.2 million, including a $2.5 million incentive provision based on Saxon achieving $4 million of EBITDA (as that term is defined in the asset purchase agreement) during the seven quarters that end June 30, 2014.
Primoris Services provides contracting services. Co.'s segments are: Power, Industrial, and Engineering, which includes engineering, procurement, construction, repairs, and maintenance services; Pipeline and Underground, which includes pipeline construction and maintenance, pipeline facility, and integrity services; Utilities and Distribution, which includes installation and maintenance of natural gas utility distribution systems and pipeline integrity services; Transmission and Distribution, which includes installation and maintenance of electric utility transmission, substation, and distribution systems; and Civil, which includes highway and bridge construction, demolition, and site work.
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Buy (3.33 out of 4)