Bowman Acquires Reno-Based Engineering Firm CFA, Inc.
10 Novembro 2023 - 9:30AM
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
CFA, Inc. (“CFA”), headquartered in Reno, Nevada. Founded in 1981,
CFA provides a mix of civil engineering, planning, surveying,
mapping, and remote sensing to a mix of public and private sector
customers.
CFA works on projects involving public works and utility
infrastructure, traffic and transportation management, data
centers, healthcare facilities, educational institutions,
hospitality venues, and recreational complexes. The firm’s staff of
approximately 30 professionals includes licensed surveyors,
professional engineers, a certified planner, certified survey
technicians and FAA Part 107 certified UAS pilots. All CFA
employees will join Bowman in connection with the acquisition.
“CFA’s team of professionals will be a terrific addition to
Bowman,” said Gary Bowman, chairman and CEO of Bowman. “CFA is one
of northern Nevada’s leading engineering, surveying and planning
firms with clients, capabilities, and a geographic focus which are
all extremely complementary to the core business of Bowman. This
acquisition strengthens our presence in Nevada and provides a solid
base from which to continue expansion throughout the state and
beyond. I am pleased to have everyone from the CFA team join
Bowman.”
“We have a company that is a tremendous source of pride to
everyone who has helped make it what it is today,” said Kevin
German, P.L.S, president of CFA. “Our commitment to a client first
culture and a workplace that employees value has remained unchanged
as we have grown over the past several years. As a result, we have
achieved an excellent level of employee and client retention. With
Bowman, we have found a company with a compatible culture and
approach to employee engagement and customer service. We are
confident that this partnership will create valuable client
synergies and professional development opportunities to everyone
involved.”
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 $5 million. More detailed information on M&A
activities, pipeline and guidance updates are provided in
connection with scheduled quarterly and annual communications.
About CFA, Inc.
Since its founding in 1981, CFA, Inc. has been providing
planning, civil engineering, surveying, mapping, and remote
sensing. From feasibility studies, planning and site design and
topographic mapping for private developers, major corporations,
government agencies and consultants that they work with, CFA prides
itself on its ability to be professional, creative, thorough,
efficient, and easy to work with. At CFA you will find people who
enjoy their work and the camaraderie of their co-workers. The
firm’s professionals are passionate about their respective fields
and committed to making a valuable contribution to client
challenges and enhancing their community. For more information on
CFA, their projects, and their services, visit www.cfareno.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/20231109099520/en/
General Media Contact: Christina Nichols
cnichols@bowman.com
Investor Relations Contacts: Bruce Labovitz
ir@bowman.com
Larry Clark lclark@bowman.com
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