Primoris Services Corporation Acquires Aevenia, Inc.
By Business Wire News
By Business Wire News
Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced that it has acquired Aevenia, Inc. (“Aevenia”), a subsidiary of Otter Tail Corporation (NASDAQ: OTTR). Headquartered in Moorhead, Minnesota, Aevenia is an energy and electrical construction company. The transaction closed on February 28, 2015 and was valued at approximately $23 million. For the year ended December 31, 2014, Aevenia generated EBITDA of $5.9 million on revenues of $44.4 million.
Aevenia specializes in overhead and underground line work, substations, telecom/fiber, and certain other client-specific on-demand call out services. The majority of their work is delivered under unit-price Master Services Agreements (“MSAs”). Aevenia has operations in Minnesota, North Dakota, South Dakota and Iowa.
Aevenia will be re-branded as Primoris AV, Energy and Electrical Construction Corporation, and operate as part of Primoris’ Energy segment. Current management, including Aevenia President Mike Hanson, will continue to manage day to day operations.
Brian Pratt, Primoris Chairman, President and CEO, commented, “The addition of Aevenia’s services is a logical expansion of Primoris’ existing offerings and opens up new geographies to us in the Midwest. Along with Aevenia’s profitable work for third-party clients, we believe there are opportunities for Aevenia to grow sales by performing in-house work for other Primoris subsidiaries. We’re pleased to have Mike Hanson and his team join the Primoris family, and we look forward to offering our customers a broader range of services.”
Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the largest construction service enterprises 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. The Company’s national footprint extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and Canada. 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 known and unknown risks, uncertainties, and other factors, including without limitation, those described in this press release and those detailed in the “Risk Factors” section and other portions of our Annual Report on Form 10-K for the period ended December 31, 2013, and other filings with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statements. 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.
Primoris Services Corporation
Kate Tholking, 214-740-5615
Director of Investor Relations