Underground Construction - May 2018 - 41

Primoris Services to Acquire Willbros Group
prim.com; willbros.com
Primoris Services Corporation,
one of the largest publicly traded
specialty construction and infrastructure companies in the US., has
entered into a definitive merger agreement to
acquire Willbros Group Inc.
In an all-cash transaction, Primoris will pay
$0.60 per share for the outstanding stock of
Willbros and will settle all existing Willbros
debt obligations, for an enterprise value of
approximately $100 million. This includes Primoris providing Willbros
with up to $20 million in secured bridge financing to support working
capital liquidity needs prior to the transaction close, which is expected
in the second quarter of 2018.
Willbros is a specialty energy infrastructure contractor serving the oil
& gas and power industries with comprehensive engineering, construction, maintenance, repair and restoration solutions, across three
operating segments: Utility Transmission and Distribution (UTD), Oil &
Gas, and Canada.
Serving diverse end-markets, Dallas-based Primoris provides a wide
range of construction, fabrication, maintenance, replacement, water
and wastewater, and engineering services. Customers include major
public utilities, petrochemical companies, energy companies, munici-

palities, and state departments of transportation across North America.
Upon completion of the transaction, Primoris expects to incorporate
Willbros operations as follows:
* UTD segment will become a new operating segment, Primoris UTD,
continuing the strategic plan for growing Primoris' Master Service
Agreement revenue base.
* Lineal Oil & Gas operations will become part of Primoris' Utilities &
Distribution segment.
* Houston-based Oil & Gas facilities will become part of Primoris' Pipeline & Underground segment.
* Canadian business will become part of Primoris' Power, Industrial
and Engineering segment.
David King, president and CEO of Primoris, is optimistic about nearand long-term opportunities: "Consistent with our strategic priority of
expanding our diverse capabilities through disciplined acquisitions,
we believe that the acquisition will provide enhanced returns for our
stockholders, and can be accomplished without placing stress on our
balance sheet.
"We are particularly excited about adding the UTD business and its
electric-focused solutions, which are highly complementary to our
natural gas utility service offerings," he added.
Willbros sees "significant synergies and opportunities" in the transaction. "We believe the broad, national presence of Primoris will allow
us additional opportunities for growth," said Michael Fournier, president
and CEO. "We anticipate that our businesses will benefit from the stability provided by Primoris' solid balance sheet and access to capital."

Komatsu
komatsuna.com
Komatsu America Corp., a leading global heavy equipment manufacturer,
will move its headquarters from Rolling Hills, Ill., to Chicago in 2020.
Located at Triangle Plaza, the building is close to great restaurants,
lodging and other retail options, and offers easy access to major
highways, public transportation and O'Hare airport. Inside, the building
will feature a new, open floorplan, designed to reinforce the company's focus on cross-discipline collaboration that drives customer-first
solutions and services.
"There's something for everyone in this move," said Rod Schrader,
chairman and CEO of Komatsu America Corp. "Current employees will
enjoy the building amenities and convenience to major transportation,
the new floorplan supports the company's efforts to breakdown team
and work-stream silos, and the move helps Komatsu remain competitive and attractive to prospective employees living in the city and
studying at nearby universities."
Komatsu America Corp. is a U.S. subsidiary of Komatsu Ltd., the
world's second-largest manufacturer and supplier of earth-moving
equipment, parts and service.

Doosan
doosanequipment.com; actcontstructionequipment.com
Doosan Infracore North America, LLC, expanded its dealer network,
adding two branches of ACT Construction Equipment as authorized
sales, service, parts and rental providers of Doosan equipment, including crawler excavators, wheel excavators, material handlers and wheel
loaders.
For the two dealerships, in Wilmington and Charlotte, N.C., it's a great
match.
"ACT was looking for a heavy line that matched well with the compact equipment we already carry," said Britt Hefner, operations manager. " ... Our core values support relationships with quality, well-supported products, which is what we found with Doosan. By carrying Doosan,
we will give customers a one-stop shop for sales, parts and service."
Headquartered in Suwanee, Ga., Doosan Infracore markets the Doosan brand of products through more than 150 heavy equipment dealer
locations in North America.
UConOnline.com | MAY 2018

http://www.prim.com http://www.willbros.com http://www.komatsuna.com http://www.doosanequipment.com http://www.actconstructionequipment.com http://www.UConOnline.com

Underground Construction - May 2018

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