Primoris Services Corporation (NYSE: PRIM) (“Primoris” or the “Company”) announced today that it has entered into a definitive purchase agreement to acquire PayneCrest Electric, Inc. (“PayneCrest”) in an all-cash transaction valued at $422 million.
The acquisition increases the Company’s exposure to the high-growth data center services market and expands opportunities for integrating its industrial and renewables businesses with complementary electrical construction capabilities. PayneCrest is expected to be accretive to Primoris’ revenue growth, cash flow, and operating income margin targets. For the full year 2026, PayneCrest is estimated to generate total revenue between $350 and $370 million and total adjusted earnings before interest, tax, depreciation, and amortization (“adjusted EBITDA”), a non-GAAP measure, of $38 to $42 million. The Company estimates that, for the full year 2026, the acquisition will contribute between $260 to $280 million of revenue and $28 to $32 million of adjusted EBITDA.
PayneCrest is a leading electrical construction and services provider supporting industrial, manufacturing, and advanced facilities. Based in St. Louis, Missouri, the union contractor delivers specialized electrical design, construction, and maintenance solutions across diverse sectors. For more than 70 years, PayneCrest has maintained multi-decade relationships with its customers, demonstrating deep expertise in advanced electrical infrastructure across expanding end markets.
“We’re pleased to welcome PayneCrest’s employees to our Primoris team,” said Koti Vadlamudi, President and Chief Executive Officer of Primoris. “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.”
“Joining Primoris is a tremendous opportunity for our employees and customers,” said Ryan Freeman, Chief Executive Officer of PayneCrest. “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.”
Upon completion of the transaction, Primoris expects PayneCrest to be part of its Energy segment, advancing Primoris’ strategic plan to further integrate its power, industrial, and renewables services offerings.
About Primoris
Primoris Services Corporation is a leading provider of critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. Primoris delivers a range of engineering, construction, and maintenance capabilities that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, power generation, and transportation infrastructure, Primoris offers unmatched value to its clients, a safe and entrepreneurial culture to its employees, and innovation and excellence to its communities. To learn more, visit http://www.prim.com and follow the Company on social media @PrimorisServicesCorporation.
About PayneCrest
For more than 70 years, PayneCrest has delivered complex electrical installations to the industrial, data center, power, and commercial markets. With over 600 employees, PayneCrest specializes in taking on complex, high-impact projects with a strong focus on safety, innovation, and collaboration. Headquartered in St. Louis, Missouri, PayneCrest’s work is rooted in the midwest region of the United States with national reach, delivering end-to-end solutions such as design/build, engineering, pre-construction, planning, prefabrication, and ongoing service and maintenance of electrical systems. To learn more, visit www.paynecrest.com.
