An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Bowman Consulting Group Ltd. (NASDAQ: BWMN) has acquired SEI Engineering, LLC for approximately $1.5 million in annualized net service billing. Headquartered in Paonia, Colorado, SEIE specializes in technical services for solar energy facilities, enhancing Bowman's expertise in renewable energy. The acquisition is expected to be immediately accretive, aligning with Bowman's growth strategy focused on energy transition. Both companies' leadership expressed confidence in revenue synergies and growth opportunities stemming from the integration.
Positive
Acquisition expected to contribute $1.5 million in annualized net service billing.
Acquisition aligns with growth strategy focused on energy transition.
Opportunity for significant cross-selling and revenue synergies.
Negative
None.
RESTON, Va.--(BUSINESS WIRE)--
Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the purchase of SEI Engineering, LLC (“SEIE”). Headquartered in Paonia, Colorado and operating as SEI Professional Services, the company provides a full array of technical services to developers and owners of utility and commercial scale solar energy facilities. The SEIE team is made up of many of the solar industry’s top photovoltaic (PV) and battery storage system designers, engineers, and technicians.
“Our renewable energy business is growing at a rapid rate and the acquisition of SEIE will serve to further accelerate that growth,” said Gary Bowman, CEO of Bowman. “Planning, engineering, and commissioning related to energy transition is a primary focus of our growth strategy and is central to our acquisition program. The leadership team at SEIE is extraordinarily knowledgeable and highly respected as experts throughout the solar industry. They were especially attracted to our growth culture and are looking forward to the advancement opportunities that a larger organization can provide. They will integrate quickly into our operation, and we are highly confident that this move will result in significant cross-selling and revenue synergies. I’m looking forward to the opportunities this acquisition will present to advance our penetration into the growing market for alternative energy engineering services.”
“Bowman’s vision for expanding SEIE's reach and providing deep support for our operations is what initially made us want to join them,” said Jeff Ruppert, P.E., CEO of SEIE. “Getting to know the culture of the company, hearing their vision for growth, and understanding their commitment to the energy transition market further enhanced our interest in becoming part of Bowman. The solar energy market is expanding much faster than we could possibly capitalize on alone. By joining Bowman, our opportunities for growth and continuing to be the premiere engineering group for solar and storage projects will only be strengthened.”
The Company expects the SEI acquisition to initially contribute approximately $1.5 million of annualized net service billing and be immediately accretive. The acquisition was financed with a combination of cash and seller notes.
“The SEIE acquisition was transacted well within our target multiple range and conforms with our objectives for operating metrics, revenue synergy, cross-selling opportunities and growth potential,” said Bruce Labovitz, Bowman’s CFO. “As is our practice, we will provide more detailed information on M&A activities, pipeline, and guidance in connection with scheduled quarterly communications.”
About SEI Engineering
SEI Engineering, LLC (SEIE) was founded by a group from Solar Energy International, the global leader in PV training and education. SEIE clients are assured their projects will be executed with the foremost quality and expertise. Consulting and design services include civil, structural, and electrical engineering, feasibility study services, production modeling, design consulting, and on-site quality assurance inspections. For more information on SEIE, their projects, and services, visit SEI Professional Services.
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 over 1,700 employees and more than 65 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, 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 anticipates 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 significance of Bowman's acquisition of SEI Engineering (BWMN)?
The acquisition enables Bowman to expand its expertise in renewable energy services and is expected to contribute $1.5 million in annualized net service billing.
How does the SEI Engineering acquisition impact Bowman's growth strategy?
The acquisition is integral to Bowman's focus on energy transition and is expected to accelerate its growth in the renewable energy market.
When was the acquisition of SEI Engineering by Bowman Consulting announced?
The acquisition was announced on November 4, 2022.
What type of services does SEI Engineering provide?
SEI Engineering provides technical services for developers and owners of utility and commercial scale solar energy facilities.
Is the acquisition of SEI Engineering by Bowman Consulting accretive?
Yes, the acquisition is expected to be immediately accretive to Bowman's financial performance.
