Houlihan Lokey Advises Primoris Services Corp.

Houlihan Lokey is pleased to announce that Primoris Services Corp. (NASDAQ:PRIM) (Primoris) has acquired Willbros Group (OTC:WGRP) (Willbros). The transaction closed on June 4, 2018.

Under the terms of the all-cash agreement, Primoris acquired all of the outstanding common stock of Willbros, settled the existing debt obligations of the company, and provided up to $20 million in bridge financing to support Willbros’ working capital liquidity needs through the closing date. The offer price represents an enterprise value of approximately $100 million.

Primoris, founded in 1960, has grown to become one of the largest publicly traded specialty construction and infrastructure companies in the United States, with over 7,000 employees and approximately $2.4 billion in annual revenues. Serving diverse end markets, Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation, and other customers. Growing both organically and through acquisitions, the company’s national footprint now extends nearly nationwide and into Canada.

Willbros is a specialty energy infrastructure contractor serving the oil & gas and power industries with offerings that primarily include construction, maintenance, and facilities development services. The company operates through three segments: Utility Transmission & Distribution, Canada, and Oil & Gas. Willbros was founded in 1908 and is headquartered in Houston, Texas.

Houlihan Lokey served as the exclusive buyside advisor and assisted in structuring and negotiating the transaction on behalf of Primoris. 

This public-to-public acquisition once again illustrates Houlihan Lokey’s leadership in the engineering & construction sector, its credentials as a trusted advisor to public companies, and the importance of long-standing relationships, as this marks the fifth transaction in 10 years involving Primoris and/or Willbros.