Primoris Services Acquires Aevenia - Quick Facts

(RTTNews) - Primoris Services Corp. (PRIM) said it has acquired Aevenia, Inc., an energy and electrical construction company which is a subsidiary of Otter Tail Corp.(OTTR). The transaction closed on February 28, and was valued at about $23 million.

Moorhead, Minnesota-based Aevenia generated EBITDA of $5.9 million for the year ended December 31, 2014, on revenues of $44.4 million.

Aevenia specializes in overhead and underground line work, substations, telecom/fiber, and certain other client-specific on-demand call out services. The majority of its work is delivered under unit-price Master Services Agreements. Aevenia has operations in Minnesota, North Dakota, South Dakota and Iowa.

Aevenia will be re-branded as Primoris AV, Energy and Electrical Construction Corp., and will operate as part of Primoris' Energy segment. Current management, including Aevenia President Mike Hanson, will continue to manage day-to-day operations.