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Slide #99. Primoris Services Corporation — The Saxon Group, Inc.
Acquirer:
Primoris Services Corporation (NASDAQ:PRIM)
Acquiree:
The Saxon Group, Inc.
Details:
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) 48th percentile
(ranked lower than approx. 52% of all stocks covered)
Analysts' Target Price: PRIM Stock Forecast Based on Zacks ABR data; powered by Xignite ![]() |
