Primoris Services Buys Q3 Contracting for $48M
The target constructs pipelines
Construction company, Primoris Services Corp. (Nasdaq: PRIM), will acquire Q3 Contracting Inc., a company that specializes in small-diameter pipeline and gas distribution construction, for $48.1 million.
Primoris, headquartered in Dallas, could pay an additional $7.5 million if the Q3 Contracting reaches financial targets.
The buyer hopes the acquisition will broaden its presence in pipeline construction and replacement work.
Little Canada, Minn.-based Q3 Contracting serves investor-owned utilities in Minnesota, Iowa, Wisconsin, Missouri, South Dakota, North Dakota, Illinois, Nebraska, Ohio and Colorado. The company will operate as part of Primoris’ west coast construction services segment.