Bowman Acquires South Carolina Firm Dennis Corporation
13 Outubro 2023 - 8:30AM
Business Wire
Bowman Consulting Group Ltd. (the “Company” or “Bowman”)
(NASDAQ: BWMN), a national engineering services firm delivering
infrastructure solutions to customers who own, develop and maintain
the built environment, today announced the acquisition of Dennis
Corporation (“Dennis”), a civil engineering, surveying and
construction management firm headquartered in Columbia, SC.
Supporting public and private sector clients, Dennis specializes
in delivering general civil infrastructure planning and design;
program and construction management and oversight; environmental
and geotechnical services for traffic and transportation;
intelligent transportation systems (ITS), aviation, water resources
and public sector facilities.
With a rich history of client-focused services, sustainable
engineering practices and forward-thinking solutions, the firm has
a proven reputation of success. Established in 2005 by current CEO
Dan Dennis, the firm has grown to become one the largest locally
owned engineering, surveying and construction management firms in
South Carolina. All 40 technical and administrative professionals
will become Bowman employees in connection with the
acquisition.
“Dennis Corporation embodies a culture of commitment to
unparalleled client service, which aligns perfectly with our
cultural values, making them a great fit for Bowman,” said Gary
Bowman, chairman and CEO of Bowman. “Their focus on transportation,
construction management and surveying complement recent
acquisitions we’ve made, and their geographic footprint introduces
us to an attractive growth market in a familiar region. We’re
looking forward to getting Dan and his team onboard and integrated
into our platform so we can start sharing work and growing our
collective base of business through revenue synergies.”
“Becoming a Bowman company begins an exciting new chapter in our
proud story,” said Dan Dennis, CEO of Dennis Corporation. “Our
employees are looking forward to the suite of professional
development platforms available at Bowman. We’re anxious to
contribute to Bowman’s work-sharing mindset and we’re excited about
the opportunities we will have to expand our service offerings and
increase our exposure to clients and markets.”
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 $4.5 million. More detailed information on M&A
activities, pipeline and guidance updates are provided in
connection with scheduled quarterly and annual communications.
About Dennis Corporation
Since 2005, Dennis Corporation has operated as an engineering,
survey and construction management firm committed to innovative
designs, sustainable solutions and high-quality services for
clients in South Carolina. The firm employs highly trained and
experienced personnel who utilize the latest equipment and software
for design and construction management. The construction services
division has all the necessary DOT, environmental, OSF and OSE
certifications and equipment required to perform field inspections
and testing. Managing projects throughout the state of South
Carolina, the Dennis team understands the importance of completing
projects within budget and ahead of schedule. For more information
on Dennis Corporation, their projects and their services, visit
www.denniscorporation.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a national
engineering services firm delivering infrastructure solutions to
customers who own, develop and maintain the built environment. With
over 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/20231012446273/en/
General Media Contact: Christina Nichols
cnichols@bowman.com
Investor Relations Contacts: Bruce Labovitz
blabovitz@bowman.com Larry Clark lclark@bowman.com
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