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Related Party Transactions
 9 Months Ended
Sep. 30, 2015
Related Party Transactions  
Related Party Transactions

 

Note 13—Related Party Transactions

 

Primoris has entered into leasing transactions with Stockdale Investment Group, Inc. (“SIGI”).  Brian Pratt, our Chairman of the Board of Directors and our largest stockholder, holds a majority interest and is the chairman, president and chief executive officer and a director of SIGI. John M. Perisich, our Executive Vice President and General Counsel, is secretary of SIGI.

 

Primoris leases properties from SIGI at the following locations:

 

1.

Bakersfield, California (lease expires October 2022)

2.

Pittsburg, California (lease expires April 2023)

3.

San Dimas, California (lease expires March 2019)

 

During the nine months ended September 30, 2015 and 2014, the Company paid $621 and $656, respectively, in lease payments to SIGI for the use of these properties.

 

Primoris leases a property from Roger Newnham, a former owner and current manager of our subsidiary, OnQuest Canada, ULC. The property is located in Calgary, Canada. During the nine months ended September 30, 2015 and 2014, Primoris paid $193 and $219, respectively, in lease payments.  The current term of the lease is through December 31, 2017.

 

Primoris leases a property from Lemmie Rockford, one of the Rockford sellers, which commenced November 1, 2011.  The property is located in Toledo, Washington.  During the nine months ended September 30, 2015 and 2014, Primoris paid lease payments of $68 for both periods.  The lease expires in January 2016.

 

Primoris leases a property from Quality RE Partners, owned by three of the Q3C selling shareholders, of whom two are current employees, including Jay Osborn, an operations president in the West Construction segment. The property is located in Little Canada, Minnesota.  During the nine months ended September 30, 2015 and 2014, the Company paid $198 in both periods in lease payments to Quality RE Partners. The lease expires in October 2022.  In addition, during the nine months ended September 30, 2015, Q3C paid $32 for a month-to-month lease of construction equipment to Mr. Osborn.