The parent of Lake Forest construction and engineering company ARB Inc. is set to go public this quarter via an unconventional route.
Primoris Corp., the holding company of general contractor ARB and other businesses, plans to buy New York-based Rhapsody Acquisition Corp.,a recently formed company with about $40 million in cash, a Bulletin Board stock listing and next to no operations.
Shareholders of Primoris are set to own 80% of the combined company’s stock following the reverse merger, which first was announced in February.
Brian Pratt, Primoris’ chief executive, is set to become the combined company’s largest shareholder,by far,with a 47% stake. He’ll remain chairman of the company after the deal.
Primoris shareholders approved the deal last week. Rhapsody shareholders are set to vote on Thursday.
For more on this story, read the July 28 issue of the Business Journal.
