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Bowman Consulting Group Ltd. (NASDAQ: BWMN) has announced the acquisition of Hess-Rountree, Inc., a full-service engineering firm based in Phoenix, Arizona. Hess-Rountree specializes in civil engineering, land surveying, 3D laser scanning, UAV aerial mapping, and renewable energy, educational, and sports facilities projects. The acquisition is expected to contribute to Bowman's national practice areas and is financed with a combination of cash, seller notes, and equity. The acquisition is anticipated to operate at an annualized net service billing run rate of approximately $3 million.
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RESTON, Va.--(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 Hess-Rountree, Inc. (“Hess-Rountree”), a full-service engineering firm headquartered in Phoenix, Arizona.
With an emphasis on renewable energy, educational and sports facilities projects, Hess-Rountree provides comprehensive civil engineering, land surveying, contract administration, 3D laser scanning, UAV aerial mapping and photography and as-built BIM modelling services to a range of clients. All Hess-Rountree employees have joined Bowman in connection with the acquisition.
During its more than fifty years in business, Hess-Rountree has worked with over 70 school districts throughout Arizona. The firm has successfully completed over 800 educational facility projects for new and existing elementary, middle school, high school and higher-education campuses. Additionally, the company has growing practices in the design of athletic fields and courts and renewable energy projects. Led by current president Doug Osborn, P.E., the firm has expanded to serve a diverse range of public and private sector, institutional and tribal clients throughout Arizona.
“Hess-Rountree has geographic adjacency with our Arizona operations and their experience will immediately contribute to several of our national practice areas,” said Gary Bowman, chairman and CEO of Bowman. “When we first met Doug and his team, we were aware of their extensive portfolio of projects throughout the Arizona educational market. The more we got to know their business it became apparent to us just how entrenched they are in their markets and how they have earned their impressive reputation. We see many opportunities for synergy in this acquisition and are excited to get started with integration.”
“Joining with Bowman is the right decision at the right time for us,” said Doug Osborn, P.E., president of Hess-Rountree. “Having been around Bowman in Arizona for many years, we know their people and we have followed their extraordinary growth story. Bowman’s local, regional and national platform presents opportunities for our firm and our people to grow well beyond what we have already accomplished. We all look forward to applying our relationships and skills from within Bowman to help achieve the company’s long-term strategic growth objectives.”
Financed with a combination of cash, seller notes and equity, the acquisition falls within previously discussed target multiples 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 million. More detailed information on M&A activities, pipeline and guidance updates are provided in connection with scheduled quarterly and annual communications.
About Hess-Rountree, Inc.
For over fifty years, Hess-Rountree has provided civil engineering, land surveying and infrastructure planning services to public and private sector clients throughout Arizona. Specializing in educational and athletic facilities, along with commercial, municipal and institutional development projects, the firm has worked with over 70 school districts throughout the State of Arizona and successfully completed over 800 projects for new and existing elementary, middle school, high school, and collegiate campuses. In addition, Hess-Rountree has a growing renewable energy practice. For more information on Hess-Rountree, their projects, and their services, visit www.hessrountree.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.
What is the recent acquisition announced by Bowman Consulting Group Ltd. (BWMN)?
Bowman Consulting Group Ltd. (BWMN) announced the acquisition of Hess-Rountree, Inc., a full-service engineering firm headquartered in Phoenix, Arizona.
What are the specialties of Hess-Rountree, Inc.?
Hess-Rountree specializes in civil engineering, land surveying, 3D laser scanning, UAV aerial mapping, and renewable energy, educational, and sports facilities projects.
How is the acquisition financed?
The acquisition is financed with a combination of cash, seller notes, and equity.
What is the anticipated net service billing run rate of the acquisition?
The acquisition is expected to operate at an annualized net service billing run rate of approximately $3 million.
