Lake Forest-based construction and engineering company Primoris Services Corp., which saw an acquisition-driven surge in revenue for the recently ended quarter, is moving its headquarters to Texas.
The company’s executives and corporate operations are moving to Dallas in January.
The move follows acquisitions in Texas and Louisiana that have brought more business in the central part of the country and well as Florida.
The county will lose a sizable public company with the move. Primoris has a market value of nearly $400 million.
The company went public in 2008 after buying about 80% of New York-based blank-check company Rhapsody Acquisition Corp. in a reverse merger.
ARB, a major subsidiary that does work for utilities, oil and gas companies and others, is set to remain in Lake Forest. The company has an estimated 400 Orange County workers.
Word of the relocation came with Primoris’ third-quarter results.
The company saw revenue more than double from a year earlier to $230.4 million, driven by acquisitions in Texas and Louisiana in late 2009.
Analysts on average were expecting sales of $214 million.
Profits were off 26% to $7.6 million but matched what Wall Street had expected.
