FOR IMMEDIATE RELEASE:
PRIME Electric (Seattle, WA) acquires AMS Electric (Dublin, CA).
SEATTLE, WA — March 16, 2016 — PRIME, a premier union affiliated electrical contractor in the Puget Sound region, announced today that it has completed the acquisition of Bay Area based AMS Electric effective January 1, 2016. A holding company, Prime Group, Inc. (PGI) was created to act as a parent company, with Prime Electric (WA) and AMS Electric (CA) as subsidiaries.
In the course of the last decade, the Bay Area and Puget Sound regions have become linked by commercial, high tech, and biotechnology clientele that have been consistently asking both firms for the ability to be supported in the other region. This union, gives PRIME the ability to provide this service.
Over the course of the past 18 months, an extensive cross due diligence between both firms was completed to ensure that accurate project backlogs, cash flow analysis, cultural elements, and financial stability were all in line. Both firms will continue to have solid growth plans due to strong economic conditions within their respective regions.
“It is very difficult to go out and find a company that exhibits PRIME’s obsession with customer service and follow through. AMS clearly shares this passion and has built a very impressive customer following this past decade” said Eric Reichanadter, President of PRIME Electric. “PRIME is driven by a culture of ‘continuous improvement.’ We are always looking for ways to get better at what we do. AMS and their Bay Area clientele provide the opportunity for substantial economies of scale, which will allow us to reduce our costs in serving all of our clients.”
“Joining the Prime Electric organization was a natural fit because our personnel, procedures and most importantly our cultures, are so similar” said Bill Breyton, CEO of AMS Electric. “Prime Electric will allow us to provide our customers the same premium service they have come to expect from us but on a much larger scale.”
Michael Broberg, CFO of PRIME Electric, said: “Liquidity is the life blood of a specialty contractor. We have taken strategic and disciplined steps to ensure that PRIME can meet and exceed all expectations from our new west coast client base.”
For more information about the acquisition and for a complete press kit, please visit: www.primeelectric.com/PR
To learn more about PRIME Electric visit: www.primeelectric.com
Eric Reichanadter Prime Electric, Inc.
President, Majority Principal firstname.lastname@example.org | (425) 747–5200
William Breyton AMS Electric, Inc.
CEO, Sr. Principal email@example.com | (925) 961–1600
Michael Broberg Prime Electric, Inc.
CFO, Sr. Principal firstname.lastname@example.org | (425) 747–5200