DALLAS, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NASDAQ Global Select: PRIM) announced that the Company has purchased 2,316,960 shares of common stock for an aggregate consideration of $50 million from Brian Pratt, a member of the Company’s Board of Directors. The transaction completes the share repurchase program announced by the Company on November 4, 2019, and was funded with cash on hand.

This represents approximately half of Mr. Pratt’s holdings in Primoris. The repurchase agreement with Mr. Pratt contains a “standstill” covenant prohibiting Mr. Pratt from selling any additional shares of the Company’s common stock through May 26, 2020. Mr. Pratt recently announced his intention to step down from the Board of the Company at the next regularly scheduled Board meeting in February 2020.

Primoris’ CEO Tom McCormick commented, “We are pleased with this transaction for the company and our shareholders. It allows the company to complete its’ approved share repurchase at a discount to market. Our continued solid operating performance and strong cash flow allows us to fund this transaction with cash on hand.”

ABOUT PRIMORIS

Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the largest publicly traded specialty construction and infrastructure companies in the United States. 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. For additional information, please visit www.prim.com.