Bowman Acquisition of California-Based Infrastructure Engineers Expands Public Sector Focus
13 Junho 2023 - 8:30AM
Business Wire
Bowman Consulting Group Ltd. (the “Company” or “Bowman”)
(NASDAQ: BWMN), today announced the acquisition of California-based
Advanced Applied Engineering, Inc., dba Infrastructure Engineers
(“Infrastructure”). Headquartered in Brea, California, the firm
provides a breadth of professional engineering, planning,
environmental, geospatial, and municipal infrastructure services to
cities and counties throughout Southern and Central California.
Established in 1994, the firm has grown to a staff of over 80
administrative and technical professionals, all of whom will become
Bowman employees in connection with the acquisition.
“Infrastructure Engineers is a well-respected firm with cultural
values that align with ours and we are pleased to welcome their
employees and customers to Bowman,” said Gary Bowman, Chairman and
CEO of Bowman. “The firm’s focus on public sector infrastructure
design and its depth of experience in construction management
consulting are extremely complementary to our long-term growth and
diversification initiatives. We are excited to be expanding our
presence in California and believe this acquisition presents
immediate opportunities across our platform for expanded services,
revenue synergies, and work sharing efficiencies.”
“Bowman is a natural fit for our firm and we’re all excited to
get started,” said Sid Mousavi, President of Infrastructure
Engineers. “We have a depth of experience with public sector
infrastructure that will provide Bowman a solid foundation from
which to grow that market nationally. We believe strongly that both
our clients and our employees will benefit greatly from the
extensive network of resources and professional development
programs Bowman has access to across the country. We are looking
forward to being a contributor to the next chapter of the Bowman
story.”
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 $10 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 Infrastructure Engineering
For nearly 30 years, Infrastructure Engineering has delivered on
its mission to provide professional engineering, planning,
environmental, and municipal services to cities and counties
throughout Southern and Central California. As a results driven
engineering service provider focused on public sector assignments,
Infrastructure Engineering provides services that include civil
design, construction management, traffic engineering, community
development planning, environmental services, water/wastewater
engineering, and staff augmentation for municipal and state
agencies. The workforce is comprised of focused practitioners and
expert technicians specializing in the firm’s markets and areas of
expertise. For more information on Infrastructure Engineering,
their projects, and their services, visit
https://www.infrastructure-engineers.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/20230612363655/en/
Investor Relations Contacts: Bruce Labovitz
ir@bowman.com
Larry Clark lclark@bowman.com
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