Primoris Services Corporation to Acquire Future Infrastructure Holdings, LLC to Establish Leading Platform in Telecommunication Services
DALLAS, Dec. 14, 2020 (GLOBE NEWSWIRE) Primoris Services Corporation (NASDAQ Global Select: PRIM), (“Primoris” or the “Company”), a leading provider of specialty contracting services in North America, today announced that it has entered into a definitive merger agreement to acquire Future Infrastructure Holdings, LLC (“Future Infrastructure” or “FIH”) from Tower Arch Capital LLC (“Tower Arch”) and other interest holders in an all cash transaction valued at $620 million.
Future Infrastructure is a leading provider of non-discretionary maintenance, repair, upgrade and installation services to the telecommunication, regulated gas utility and infrastructure end markets. For the last 12 months ended September 30, 2020, FIH generated total revenue of $342 million, total adjusted earnings before income tax, depreciation and amortiz