Primoris to acquire PLH Group for $470M; expects double-digit EPS accretion

Primoris Services Corp

All-cash purchase price of $470 million; funded via $425M incremental term loans under existing credit facility.
PLH Group generated $733M revenue and $54M adjusted EBITDA for 12 months ended May 31, 2022.
Transaction nearly doubles Power Delivery business; Utilities segment to exceed 50% of pro forma revenue.
Primoris expects at least $10M in annual cost savings within 24 months and double-digit EPS accretion in 12 months.
Targeting net leverage of ~3.3x at close, de-levering to 2.0x by 2024; closing expected in Q3 2022.

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