Primoris Acquires Assets of Florida Gas Contractors
Primoris Services Corp. recently acquired the assets of Dade City, Florida-based Florida Gas Contractors, a utility contractor specializing in underground natural gas infrastructure.
For the year ended December 31, 2016, Florida Gas Contractors (FGC) generated operating income of $4.9 million on revenue of $29.5 million. Most of FGC’s revenue was derived from master service agreements (MSA) with its utility customers.
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FGC has been in the underground utility business since 1989 providing installation, maintenance, and upgrade services to the three largest gas utilities in Florida. These services have included open trenching, joint trenching, gas main and service lines, engineering design and permitting, directional boring, and ground penetrating radar.
FGC will operate as Primoris Distribution Services, part of Primoris’ Utilities and Distribution segment. Kevin Bohne, president, and Dave Runyan, vice president of operations, will continue to manage FGC day-to-day operations.
“The acquisition of Florida Gas Contractors expands the geographic reach of our Utilities and Distribution segment with work similar to that we perform in the Midwest and California,” said David King, Primoris president and CEO. “We see opportunities for long-term growth in the utility market as our customers replace an aging gas infrastructure system. With FGC we look forward to expanding our presence in the Florida and Southeast markets.”
Primoris announced the acquisition May 30.
Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the largest publicly traded specialty construction and infrastructure companies in the United States. 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, state departments of transportation and other customers.