Primoris Services Corp. President and CEO Koti Vadlamudi [Composite photo: Sourcee: Primoris Services Corporation/DI Studio]

Dallas-based Primoris Services has agreed to acquire PayneCrest Electric in an all-cash deal valued at $422 million to increase the company’s exposure to the high-growth data center services market and to integrate its industrial and renewables businesses with complementary electrical construction capabilities.

Primoris said that it expects the acquisition to contribute between $260 to $280 million of revenue and $28 to $32 million of adjusted EBITDA for 2026. The deal is slated to close in the second quarter of 2026.

Koti Vadlamudi, president and CEO of Primoris, said the addition of PayneCrest’s “highly skilled workforce, experienced leadership, and strong customer relationships are an excellent strategic and cultural fit for Primoris.”

“This extension into electrical construction services presents us with the opportunity to expand our geographic footprint and customer relationships while adding to the range of services we can deploy across our end markets,” he added in a statement.

Supports industrial, manufacturing, and advanced facilities

St. Louis-based PayneCrest is a leading electrical construction and services provider supporting industrial, manufacturing, and advanced facilities. The union contractor provides specialized electrical design, construction, and maintenance solutions across various sectors. For more than 70 years, PayneCrest has maintained multi-decade relationships with its customers, demonstrating extensive expertise in advanced electrical infrastructure in growing end markets, Primoris said.

“Joining Primoris is a tremendous opportunity for our employees and customers,” said PayneCrest CEO Ryan Freeman. “We look forward to building upon our legacy of delivering safe, high-quality performance on the most challenging projects. Joining our shared strengths with Primoris, we’re providing a catalyst for meaningful growth, enhanced resources and greater support for those we serve.”

Upon the deal’s completion, Primoris said PayneCrest would join its Energy segment, advancing Primoris’ strategic plan to further integrate its power, industrial, and renewables services offerings.

More on the deal

PayneCrest is expected to add to Primoris’ revenue growth, cash flow, and operating income margin targets, Primoris said. For the full year 2026, PayneCrest is estimated to generate total revenue between $350 and $370 million and total adjusted earnings before earnings before interest, tax, depreciation, and amortization (adjusted EBITDA) of $38 to $42 million.

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R E A D   N E X T

  • Koti Vadlamudi comes to Primoris after a 30-year career at Dallas-based Jacobs, a global advisory and consultancy for critical infrastructure and advanced manufacturing. There, he most recently served as EVP of operations.

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