Primoris Services Corporation Acquires Assets of the Silva Companies for $14M
Primoris Services Corporation (NASDAQ: PRIM) today announced that its James Construction Group subsidiary has acquired the assets of Silva Contracting Company, Inc., Tarmac Materials, LLC and C3 Interests, LLC (collectively, "the Silva Companies"). Based outside of Houston, Texas, the Silva Companies provide transportation infrastructure maintenance, asphalt paving, and material sales in the Gulf Coast region of the United States.
For the year ended December 31, 2011, the Silva Companies generated revenues of approximately $24 million, the majority of which were derived from project work in the greater Houston area.
Total consideration was approximately $14 million in cash, which represents the market value of acquired real estate and equipment.
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