Bowman Acquires MTX Surveying; Expands Energy-Oriented Geospatial, Survey and Project Management Services
05 Junho 2023 - 9:26AM
Business Wire
Bowman Consulting Group Ltd. (the “Company” or “Bowman”)
(NASDAQ: BWMN), today announced the acquisition of MTX Surveying,
Inc. (“MTX”), a geospatial, land survey and project management
company based in Marshall, Texas. Founded by Shane Nafe and Austin
Holland in 2016, the firm has grown rapidly to a workforce of over
60 accredited professionals, technicians, and support staff serving
clients in Texas, Louisiana, and New Mexico. Today, MTX provides
full-service consulting, project management, surveying, mapping,
and permitting services for clients working in oil and gas, energy
and renewables, utility services, and land development. The MTX
staff will all become Bowman employees in connection with the
acquisition.
“Shane and Austin have built an exciting company,” said Gary
Bowman, CEO of Bowman. “Their focus on oil and gas, energy, and
renewables projects will help to accelerate our goal of increasing
the contribution of power and utility-oriented assignments within
our revenue mix. Their experience with aerial mapping, data
capture, hi-res orthometric imagery, and drone surveying
complements other recent acquisitions and investments we have made
in geospatial technologies and services.”
“We’re pleased to be joining Bowman and are excited about the
opportunities this acquisition provides,” said Shane Nafe,
President and Founding Partner of MTX Surveying. “Bowman has an
expansive national platform of clients, assignments, and
engineering professionals to which we can contribute immediately.
We’re ready to get started adding value and growing our collective
energy services and geospatial practice.”
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 $9 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 MTX Surveying, Inc.
MTX Surveying is a result driven geospatial, survey and aerial
mapping firm serving Texas, New Mexico, Louisiana, and other states
across the United States. The company’s management team is
experienced in the successful execution of projects across a wide
range of industries including oil and gas, energy services, land
development, municipal planning, and telecommunications. MTX has
grown from two founding partners in 2016 to a team of
multi-licensed professionals and experienced technicians. For more
information on MTX Surveying, their projects, and services, visit
https://www.mtxsurveying.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/20230602005348/en/
Investor Relations Contacts: Bruce Labovitz
ir@bowman.com
Larry Clark lclark@bowman.com
General Media Contact: Jennifer Kamienski
jkamienski@bowman.com
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