Primoris Services Corporation Acquires Florida Gas Contractors
Primoris Services Corporation has acquired the assets of Florida Gas Contractors, a utility contractor specializing in underground natural gas infrastructure. Total consideration was approximately $33 million paid in cash at closing. Florida Gas Contractors can also receive an additional $1.5 million if the company achieves $4.95 million EBIT for the 12-month period ending May 26, 2018.
Florida Gas Contractors will operate as Primoris Distribution Services, part of Primoris’ Utilities and Distribution segment. The company’s president, Kevin Bohne, and vice president – operations, Dave Runyan, will continue to manage day-to-day operations.
“The acquisition of Florida Gas Contractors expands the geographic reach of our Utilities and Distribution segment with work similar to that we perform in the Midwest and California,” David King, Primoris President and CEO, said. “We see opportunities for long-term growth in the utility market as our customers replace an aging gas infrastructure system. With FGC we look forward to expanding our presence in the Florida and Southeast markets.”
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