Bowman Consulting Group Ltd. (the “Company” or “Bowman”)
(NASDAQ: BWMN), today announced it had entered into a definitive
purchase agreement to acquire Tulsa, Oklahoma based Excellence
Engineering, LLC (“EEI”), a leading full-service provider of
engineering, procurement, project management, and automation
services to clients operating in and supporting the petrochemical,
hydrogen, industrial and electric vehicle industries. Established
in 2001 by current president and CEO Deyona “Dee” Hays, the firm
has grown to become a highly regarded, multi-discipline engineering
firm providing turnkey projects from concept through operational
completion. The firm’s staff of professionals will become Bowman
employees in connection with the acquisition. Closing is expected
to occur in early October, subject to usual and customary closing
conditions.
“Dee has built an extremely dynamic and successful business
serving an impressive list of oil and gas, industrial, and
sustainable energy production clients along with clients involved
in the rollout of electric vehicle charging infrastructure,” said
Gary Bowman, chairman and CEO of Bowman. “In addition to being a
licensed professional engineer, Dee is a highly accomplished and
recognized leader in her field. Excellence’s suite of services and
industry focus align with our strategic growth initiatives, and I
could not be happier to welcome their team to Bowman. We are
excited about the synergies that this acquisition presents.”
“Our pipeline of acquisition opportunities remains robust,”
added Bowman. “We are confident that our unique organizational
structure and disciplined approach to acquisitions and organic
growth investment will continue to position us to advance our
long-term strategic objectives.”
“Joining with Bowman feels like the natural next chapter in our
story,” said Dee Hays, founder, president, and CEO of Excellence
Engineering. “We have accomplished great things during our nearly
25 years in business and I am confident we will accomplish even
more as part of Bowman. Given their experience and reach in both
the oil and gas and the renewables industries, I am extremely
confident that this combination of teams, skills and clients will
generate meaningful growth for all of us.”
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
operate at an annualized net service billing run rate of
approximately $4.0 million. More detailed information on M&A
activities, pipeline, and guidance updates are provided in
connection with scheduled quarterly and annual communications.
About Excellence Engineering, LLC
Since 2001, Excellence Engineering, an ISNetworld safety
certified firm, has been providing civil, structural, mechanical,
electrical, process, instrumentation, automation, and controls
engineering services for clients in addition to project management
and procurement services for a multitude of projects for the oil
and gas, utility, industrial, renewables and EV charging
industries. Excellence works on a variety of assignments involving
facilities for the midstream and upstream sectors of the oil and
gas industry, including distribution and storage systems, metering,
complete automated controls systems, truck/rail/marine terminals,
and plant & refinery upgrades. In addition, the firm provides
engineering for renewable or “green” focused projects including
electrical vehicle charging infrastructure, RNG, CHP additions and
hydrogen fueling facility design as well as process safety
management consulting services. For more information on Excellence
Engineering, LLC, their projects, and their services, visit
www.eeinco.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 nearly 2,000
employees and more than 80 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/20230928786514/en/
General Media: Christina Nichols cnichols@bowman.com
Investor Relations Contacts: Bruce Labovitz ir@bowman.com
Larry Clark lclark@bowman.com
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