DALLAS, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NASDAQ Global Select: PRIM), a leading provider of specialty contracting services in North America, announced today that it has closed its acquisition of Future Infrastructure Holdings, LLC in an all-cash transaction valued at $620 million. The transaction directly aligns with Primoris’ strategy to grow in large, higher growth, higher margin markets, and expands the Company’s utility services capabilities.
Future Infrastructure is a provider of non-discretionary maintenance, repair, upgrade, and installation services to the telecommunication, regulated gas utility, and infrastructure markets. As a result of the acquisition, Future Infrastructure will be integrated into the Company’s Utilities Segment, furthering Primoris’ strategic plan to expand its service lines, enter new markets, and grow the Company’s MSA revenue base.
Tom McCormick, Primoris’ President and Chief Executive Officer, said, “The addition of Future Infrastructure marks the completion of a strategic goal for Primoris, but also marks the beginning of a new stage in our strategic journey to create the Company we believe we can be – together. With values and cultures that are already aligned in many ways, we are confident that this combination will lead us to even greater successes.”
Notice of Issuance of Inducement Grants
In connection with the closing of Future Infrastructure, Primoris granted stock-based compensation to 16 employees of FIH and its subsidiaries representing an aggregate of 1,213,032 shares of common stock (the "Inducement Grants"). The Inducement Grants consisted of the following types of equity awards: (i) stock purchase rights representing 1,086,752 shares of common stock purchased at a 15 percent discount, subject to an 18-month holding period and (ii) restricted stock units representing the right to receive up to 126,280 shares of common stock, subject to time-vesting on the third anniversary of the grant date. The Inducement Grants have been approved by the Compensation Committee of the Board of Directors. The Inducement Grants will be issued outside of Primoris' shareholder-approved equity incentive plan as an inducement grant in accordance with Nasdaq Listing Rule 5635(c)(4).
ABOUT PRIMORIS
Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the leading providers of specialty contracting services operating throughout the United States and Canada. Primoris provides a wide range of specialty construction services, fabrication, maintenance, and engineering services to a diversified base of customers. Additional information on Primoris is available at www.prim.com.
