Primoris completes $470M all-cash acquisition of PLH Group, expands utility capabilities

Primoris Services Corp

Acquisition closed Aug 1, 2022; Primoris paid $470M cash for PLH Group, a utility-focused specialty services company.
Financed via new $945M term loan and $325M revolver under Third Amended Credit Agreement maturing Aug 1, 2027.
PLH operations to be incorporated into Primoris' Utilities Segment; remainder into Energy/Renewables and Pipeline segments.
Quarterly principal payments on term loan ~$11.8M starting Sep 30; loans bear interest at Term SOFR plus margin or base rate.
CEO Tom McCormick says acquisition captures growth tailwinds from U.S. energy transition, aligns with higher-growth markets.

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