Primoris Services Corp. announced a definitive purchase agreement to acquire PayneCrest Electric, Inc. for $422 million in an all‑cash transaction. The deal will be financed with $400 million of new borrowings under an amended credit agreement and is expected to close in the second quarter of 2026.
The acquisition expands Primoris’s exposure to the high‑growth data‑center services market and enhances its electrical construction capabilities across industrial and renewable‑energy projects. PayneCrest’s 70‑plus‑year history and expertise in electrical infrastructure complement Primoris’s utilities and energy segments, strengthening the company’s competitive moat and supporting its electrification supercycle strategy.
PayneCrest is projected to contribute $260 million to $280 million of revenue to Primoris in 2026, along with $28 million to $32 million of adjusted EBITDA. These figures add to Primoris’s 2025 revenue of $7.6 billion and net income of $5.02 per diluted share, a 52 % year‑over‑year increase, underscoring the deal’s role in sustaining the company’s growth trajectory.
By adding PayneCrest’s workforce and customer relationships, Primoris can broaden its geographic footprint and service mix, particularly in data‑center, industrial, and renewables markets. The transaction aligns with the accelerating demand for data‑center infrastructure driven by cloud, AI, and storage, while also reinforcing the company’s position in the electrification supercycle.
"We’re pleased to welcome PayneCrest’s employees to our Primoris team. The addition of PayneCrest’s highly skilled workforce, experienced leadership, and strong customer relationships are an excellent strategic and cultural fit for Primoris," said Koti Vadlamudi, President and Chief Executive Officer of Primoris. "Joining Primoris is a tremendous opportunity for our employees and customers. We look forward to building upon our legacy of delivering safe, high‑quality performance on the most challenging projects. Joining our shared strengths with Primors, we’re providing a catalyst for meaningful growth, enhanced resources and greater support for those we serve," added Ryan Freeman, Chief Executive Officer of PayneCrest.
Primoris’s acquisition of PayneCrest follows a pattern of strategic growth, including the 2022 purchase of PLH Group. The data‑center market is expected to expand rapidly due to cloud, AI, and storage demand, while the renewables market is projected to remain flat to slightly down in 2026, though bookings remain strong. The deal positions Primoris to capture additional opportunities in these high‑growth sectors.
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