Primoris Services Corporation announced it has entered into a definitive agreement to acquire PayneCrest Electric, Inc. in an all-cash transaction valued at $422 million.
The deal is expected to strengthen Primoris’ position in high-growth markets, particularly data center services, while expanding its electrical construction capabilities across industrial, manufacturing, and advanced facilities. PayneCrest, headquartered in St. Louis, Missouri, has more than 70 years of experience delivering electrical design, construction, and maintenance services, with a workforce of over 600 employees.
Primoris said the acquisition aligns with its strategy to integrate its industrial, power, and renewables businesses with complementary electrical expertise. Upon closing, PayneCrest will be integrated into Primoris’ Energy segment.
For full-year 2026, PayneCrest is projected to generate between $350 million and $370 million in revenue and $38 million to $42 million in adjusted EBITDA. Primoris expects the transaction to contribute between $260 million and $280 million in revenue and $28 million to $32 million in adjusted EBITDA for the same period.
The transaction has been unanimously approved by Primoris’ board of directors and is expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions. The company plans to fund $400 million of the purchase price through borrowings under an amended credit agreement, with the remaining balance paid in cash.
Support: Advisors on the transaction include Weil, Gotshal & Manges LLP as legal counsel to Primoris, while FMI Capital Advisors served as financial advisor to PayneCrest and Lewis Rice LLC acted as its legal counsel.
KEY QUOTES:
“We’re pleased to welcome PayneCrest’s employees to our Primoris team. The addition of PayneCrest’s highly skilled workforce, experienced leadership, and strong customer relationships are an excellent strategic and cultural fit for Primoris. This extension into electrical construction services presents us with the opportunity to expand our geographic footprint and customer relationships while adding to the range of services we can deploy across our end markets.”
Koti Vadlamudi, President And Chief Executive Officer, Primoris Services Corporation
“Joining Primoris is a tremendous opportunity for our employees and customers. We look forward to building upon our legacy of delivering safe, high-quality performance on the most challenging projects. Joining our shared strengths with Primoris, we’re providing a catalyst for meaningful growth, enhanced resources and greater support for those we serve.”
Ryan Freeman, Chief Executive Officer, PayneCrest Electric, Inc.
