Primoris Services Corporation Acquires Cravens Partners, Ltd.

• Press Release
• Source: Primoris Services Corporation
• On 9:00 am EDT, Wednesday October 14, 2009

LAKE FOREST, Calif., Oct. 14, 2009 (GLOBE NEWSWIRE) -- Primoris Services Corporation (Nasdaq:PRIM - News) (Nasdaq:PRIMU - News) (Nasdaq:PRIMW - News) ("Primoris" or "Company"), one of the largest specialty contractors and engineering companies in the United States, today announced that it has acquired Cravens Partners, Ltd., a Texas-based provider of civil and utility infrastructure construction services. The acquisition was completed for a combination of cash and Primoris common stock. In addition, Primoris entered into an incentive program that could provide future earn-out payments based on attaining specified financial goals for the 3-year period 2009-2011. In 2008, Cravens Partners generated revenues of approximately $15 million and operated profitably. Primoris expects the acquisition to be immediately accretive to earnings.

Related Quotes

Symbol	Price	Change
PRIM	8.03	0.00

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Following the completion of the acquisition, Cravens Partners became a wholly-owned subsidiary of Primoris and was renamed Cravens Services, Inc. ("Cravens"). Cravens' current management team, led by its founder William H. Cravens, will continue to operate the company.

Founded in 2002 with offices in Houston, Austin, and San Antonio, Cravens' services include excavation, underground utilities, drainage channels, facility upgrades, detention ponds, and telecommunications infrastructure projects. Recent project awards include bypass siphon upgrades for the San Jacinto River authority, utility infrastructure construction for West Harris County Regional Water Authority, sanitary sewer improvements for Marriott Hotels, underground utilities and street improvements for the City of Bellville, and runway upgrades and hangar construction for the Texas Department of Transportation (Aviation Division).

Brian Pratt, Chairman, President and Chief Executive Officer of Primoris, commented, "I want to welcome Will Cravens and his team to Primoris. We believe that the acquisition benefits Primoris for strategic business reasons and by adding competent, professional, quality people to our management team. We believe that as a part of Primoris, they will be able to profitably expand their business. The acquisition provides a strategic benefit by extending our infrastructure presence from its base in Florida further into the Gulf Coast area and by increasing the scope of our services in the Texas area. We are confident that Cravens Services will complement the work done by our Cardinal Mechanical subsidiary, which is located in south Texas."

About Primoris

Primoris, through various subsidiaries, is one of the largest specialty contractors and engineering companies in the United States, primarily serving the growing power and energy sectors. Primoris provides a wide range of construction, fabrication, maintenance and replacement services, as well as engineering services to major public utilities, petrochemical companies, energy companies, municipalities and other customers. Primoris is also a leading water and wastewater contractor in the state of Florida, and a specialist in designing and constructing complex commercial and industrial concrete structures in California. For additional information on Primoris, please visit www.primoriscorp.com.

The Primoris Services Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5527

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," 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 Annual Report on Form 10-K for the year ended December 31, 2008 and other filings with the Securities and Exchange Commission, including the Company's Form 10-Q filed on August 11, 2009. 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
Peter J. Moerbeek, Executive Vice President, Chief Financial 
 Officer
(949) 454-7121
pmoerbeek@primoriscorp.com
The Equity Group Inc.
Devin Sullivan, Senior Vice President
  (212) 836-9608
  dsullivan@equityny.com
Gerrard Lobo, Senior Account Executive
  (212) 836-9610
  globo@equityny.com