Bowman Acquires Southwest Florida Based Hole Montes, Inc.
17 Maio 2023 - 8:55AM
Business Wire
Bowman Consulting Group Ltd. (the “Company” or “Bowman”)
(NASDAQ: BWMN), today announced the purchase of Hole Montes, Inc.
(“Hole Montes”), an engineering services firm offering an extensive
portfolio of infrastructure planning services from offices in
Naples, FL and Fort Myers, FL. Founded in 1966, the firm has a
storied history as one of the most trusted, reliable, and
entrenched full-service engineering firms in Southwest Florida.
Today, Hole Montes provides comprehensive design, survey, GIS, and
construction management expertise to customers focused on
environmental engineering, transportation infrastructure, airport
facilities, storm water and wastewater systems, land planning,
landscape architecture, and more. Hole Montes has a workforce of 65
professionals, all of whom will join Bowman in connection with the
acquisition.
“Hole Montes is a well-respected firm with a long-established
presence in Southwest Florida,” said Gary Bowman, CEO of Bowman.
“They possess expertise and client relationships that complement
ours and will benefit from our national platform. Most importantly,
their culture aligns seamlessly with ours which will enable
immediate work-sharing and collaboration. We expect to recognize
meaningful revenue synergies over time from this combination while
also optimizing our collective utilization based on similar
customer engagements and core capabilities.”
“Working with Bowman during the diligence and pre-integration
period has given us tremendous comfort that this is the right next
step for our leadership, our employees and our customers,” said Bob
Mulhere, CEO of Hole Montes. ”Bowman’s professional development
programs and national platform provide growth and expansion
opportunities for our people which makes this a very attractive
opportunity for all of us at Hole Montes. We’re excited to
accelerate our growth and to contribute our expertise to Bowman’s
portfolio of services.”
Financed with a combination of cash, seller notes, and equity,
the acquisition falls within previously discussed target multiple
and operating metric ranges and is expected to be immediately
accretive. The Company anticipates the acquisition will initially
contribute approximately $7 million of annualized net service
billing. More detailed information on M&A activities, pipeline,
and guidance updates are provided in connection with scheduled
quarterly and annual communications.
About Hole Montes Inc.
Since 1966, Hole Montes, Inc. has held fast to the business
philosophy of being one of the most trusted and reliable
full-service engineering firms in Southwest Florida. With
full-service civil engineering offices in Naples and Fort Myers,
Hole Montes is strategically positioned to provide the design and
management expertise necessary to achieve success for any project.
From environmental engineering, land planning, permitting, zoning,
storm water management design, airport design, transportation
design to surveying and mapping, Hole Montes project managers are
experienced professionals who have the expertise, training, and
availability to assist in achieving a successful conclusion to any
project. For more information on Hole Montes Inc., their projects,
and services, visit http://www.holemontes.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an engineering
services firm delivering infrastructure solutions to customers who
own, develop, and maintain the built environment. With over 1,700
employees and more than 75 offices throughout the United States,
Bowman provides a variety of planning, engineering, geospatial,
construction management, commissioning, environmental consulting,
land procurement and other technical services to customers
operating in a diverse set of regulated end markets. Bowman trades
on the Nasdaq under the symbol BWMN. For more information, visit
bowman.com or investors.bowman.com.
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. All statements
contained in this press release other than statements of historical
fact, including statements regarding our future results of
operations and financial position, business strategy and plans and
objectives for future operations, are forward-looking statements
and represent our views as of the date of this press release. The
words “anticipate”, “believe”, “continue”, “estimate”, “expect”,
“intend”, “may”, “will”, “goal” and similar expressions are
intended to identify forward-looking statements. We have based
these forward-looking statements on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy, short-term and long-term business operations and
objectives and financial needs. These forward-looking statements
are subject to several assumptions and risks and uncertainties,
many of which involve factors or circumstances that are beyond our
control that could affect our financial results. The Company
cautions that these statements are qualified by important factors
that could cause actual results to differ materially from those
reflected by the forward-looking statements contained in this news
release. Such factors include: (a) changes in demand from the local
and state government and private clients that we serve; (b) general
economic conditions, nationally and globally, and their effect on
the market for our services; (c) competitive pressures and trends
in our industry and our ability to successfully compete with our
competitors; (d) changes in laws, regulations, or policies; and (e)
the “Risk Factors” set forth in the Company’s most recent SEC
filings. Considering these risks, uncertainties and assumptions,
the future events and trends discussed in this press release may
not occur and actual results could differ materially and adversely
from those anticipated or implied in any forward-looking
statements. Except as required by law, we are under no obligation
to update these forward-looking statements after the date of this
press release, or to update the reasons if actual results differ
materially from those anticipated in the forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230516006053/en/
Investor Relations Contacts: Bruce Labovitz ir@bowman.com
(703) 787-3403
Larry Clark lclark@finprofiles.com (310) 622-8223
General Media Contact: Jennifer Kamienski, 201.519.4536
jkamienski@bowman.com
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