Primoris Services said early Tuesday it acquired the assets of Coastal Field Services for about $27.5 million in cash. In 2016, Coastal generated EBITDA margins of more than 10% on revenues of $37.3 million, according to a statement. Repeat customers accounted for roughly 90% of the revenue. The acquisition “allows us to offer a wider range of services, including compressor station capital projects, pipeline integrity work, call-out work, and insulation of plant piping and vessels,” David King, CEO of Primoris, said.
Coastal will operate as Primoris Coastal Field Services (PCFS), part of Primoris’ pipeline and underground segment. Jeff Bridges, former co-owner and president, will continue to manage day-to-day operations as president of PCFS.
Based in Beaumont, Texas, Coastal provides pipeline construction and maintenance, pipe and vessel coating and insulation, and integrity support services for leading companies in the oil and gas industry.