Bowman Enters into Definitive Purchase Agreement with California Environmental Firm Blankinship & Associates
13 Novembro 2023 - 9:30AM
Business Wire
Bowman Consulting Group Ltd. (the “Company” or “Bowman”)
(NASDAQ: BWMN), today announced the acquisition of Davis,
California based Blankinship & Associates (“Blankinship”).
Blankinship, an environmental sciences and engineering firm,
specializes in providing water resources services, natural resource
management services, permitting and compliance services, and
specialized training. Established in 2000 by current president Mike
Blankinship, the firm serves both public and private sector clients
providing solutions to complex environmental and natural resources
challenges that intersect the built environment and natural
resources. Blankinship’s staff of professionals will all become
Bowman employees in connection with the acquisition.
“Mike and his team have a unique set of skills and specialties
that have been honed during his more than 20 years in business,”
said Gary Bowman, chairman and CEO of Bowman. “Their reputation as
a leading source of environmental sciences and engineering services
was what originally drew us to Blankinship, but as we got to know
them it was their professionalism and unrelenting can-do culture
that compelled us to make them part of Bowman. Their practice will
be of immediate value in every aspect of our business, and we
expect there to be significant revenue synergy and wallet-share
expansion opportunities created by this acquisition.”
“We are all excited to join with Bowman and accelerate the
growth of our business,” said Mike Blankinship, founder, and
president of Blankinship. “I started our firm so we could tell a
better story to regulators, our clients and our community about how
environmental science solves real world problems. Gary and the
Bowman team share our desire to create common sense solutions that
address complex environmental challenges. I believe our team will
make great contributions toward helping Bowman clients tackle their
environmental and natural resources issues through consultation,
innovation, and simplification.”
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 $3.0 million. More detailed information on M&A
activities, pipeline, and guidance updates are provided in
connection with scheduled quarterly and annual communications.
About Blankinship & Associates
Since 2000, Blankinship & Associates has addressed the
sciences of water, biology, agriculture and hazardous materials,
explaining the issues involved to clients and regulators in a
common sense and understandable way in order to help clients
achieve their goals. The firm specializes in “making stuff work”.
Blankinship’s professionals rely on their foundation in the
physical and natural sciences, and engineering to deliver impactful
and cost-effective solutions that creatively navigate the
intersection of natural resources and the built environment. In the
process, Blankinship solves for highly complex and important
environmental challenges associated with the impact of evolving
infrastructure demands. The firm’s laser-focused team delivers
results that address permitting, risk communication, design and
training challenges for water and natural resource, production
agriculture, pest management and hazardous materials projects. For
more information on Blankinship & Associates, their projects,
and their services, visit h2osci.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/20231110426256/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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