Primoris Expands Electrical Capabilities with $422M PayneCrest Acquisition — Primoris Services Corporation

Event summary

Primoris Services Corporation to acquire PayneCrest Electric for $422M in an all-cash deal.
PayneCrest expected to contribute $260–$280M in revenue and $28–$32M in adjusted EBITDA for 2026.
Transaction set to close in Q2 2026, subject to regulatory approvals.
PayneCrest will be integrated into Primoris’ Energy segment.

The big picture

Primoris is bolstering its electrical construction capabilities to better serve the data center, industrial, and renewables markets. The acquisition of PayneCrest, a 70-year-old contractor with deep expertise in advanced electrical infrastructure, aligns with Primoris’ strategy to integrate power, industrial, and renewables services. At $422M, this deal underscores the growing demand for specialized electrical solutions in high-growth sectors.

What we're watching

Integration Challenges: How Primoris will merge PayneCrest’s specialized electrical capabilities with its existing industrial and renewables businesses.
Data Center Growth: Whether the acquisition will accelerate Primoris’ exposure to the high-growth data center services market.
Financial Impact: The pace at which PayneCrest’s revenue and EBITDA contributions align with Primoris’ strategic targets.