Primoris Services Corporation (NASDAQ Global Select: PRIM) ("Primoris" or "Company") today announced that its James Construction Group subsidiary has acquired the assets of Silva Contracting Company, Inc., Tarmac Materials, LLC and C3 Interests, LLC (collectively, "the Silva Companies"). Based outside of Houston, Texas, the Silva Companies provide transportation infrastructure maintenance, asphalt paving, and material sales in the Gulf Coast region of the United States.
For the year ended December 31, 2011, the Silva Companies generated revenues of approximately $24 million, the majority of which were derived from project work in the greater Houston area.
Total consideration was approximately $14 million in cash, which represents the market value of acquired real estate and equipment.
The Silva Companies will operate within James Construction Group as part of Primoris’s East Construction Services segment. Cayetano Silva III, principal manager of the Silva Companies, and his team will continue to manage the day-to-day operations of Silva Contracting.Danny Hester, President of James Construction Group, commented, "This acquisition will strengthen our capabilities by bringing in-house a set of services and skills that we previously outsourced. The Silva Companies enhance our presence in south Texas and will provide a base for further expansion in the Gulf Coast region. The Silva Companies have earned a reputation for dedicated client focus and quality work products. We look forward to working together." ABOUT PRIMORIS Founded in 1946, Primoris, through various subsidiaries, has grown to become one of the largest specialty contractors and infrastructure companies in the United States. Serving diverse end markets, Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. For additional information, please visit www.prim.com FORWARD LOOKING STATEMENTS This press release contains certain forward-looking statements, including with regard to the Company’s future performance. Words such as "estimated," "believes," "expects," "projects," “may,” and "future" or similar expressions are intended to identify forward-looking statements. Forward-looking statements inherently involve risks and uncertainties, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Quarterly Report on Form 10-Q for the period ended March 31, 2012, and other filings with the Securities and Exchange Commission. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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