Lake Forest-based construction and engineering company Primoris Services Corp. said Wednesday it acquired a Texas contractor that specializes in water, utility and other projects.
Primoris said it bought Houston-based Cravens Partners Ltd. for an undisclosed amount of cash and stock. The deal also includes bonus payments if Cravens hits financial goals.
The company’s management is expected to stay in place.
Last year, Cravens had revenue of $15 million and was profitable, according to Primoris, which expects the acquisition to add to its profits right away.
The deal expands Primoris in Texas, where its Cardinal Mechanical subsidiary operates.
Primoris had second-quarter revenue of $127 million, down 11% from a year earlier. The company reported net income of $8.6 million down from $8.8 million a year earlier.
The company’s ARB Inc. unit does work for utilities, oil and gas companies and others. Customers include Chevron Corp., Sempra Energy, Pacific Gas & Electric Co., BP PLC and ConocoPhillips.
Primoris went public in 2008 after buying about 80% of New York-based blank-check company Rhapsody Acquisition Corp. in a reverse merger.
The company has a market value of about $235 million.
