Bowman Consulting Group Acquires Assets of McFarland-Dyer & Associates in Atlanta
Bowman Consulting Group (NASDAQ: BWMN) has acquired the assets of McFarland-Dyer & Associates, enhancing its service offerings in civil engineering, land planning, surveying, and landscape architecture. This strategic move aims to expand Bowman's footprint in the Atlanta market and is projected to add approximately $4 million in annualized net service billing. The acquisition was financed through cash, seller financing, and stock, affirming Bowman's commitment to delivering growth and shareholder value following its recent $52 million IPO.
- Acquisition expected to add approximately $4 million in annualized net service billing.
- Immediate accretion to earnings supports growth strategy.
- Enhances market presence in the Atlanta area.
- None.
Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the acquisition of the assets of McFarland-Dyer & Associates (“MDA”) headquartered in the greater Atlanta area. Founded in 1995, McFarland-Dyer & Associates delivers civil engineering, land planning, land surveying, and landscape architecture services to public and private sector clients throughout the Southeast.
“We are excited and happy to welcome all of the MDA employees and clients to Bowman,” said Gary Bowman, chairman and CEO of Bowman. “McFarland-Dyer brings a strong market reputation and I look forward both to expanding our presence in the Atlanta market and to extending McFarland-Dyer’s surveying, landscape architecture, site planning and civil engineering services to our customers throughout the Southeast.”
“The economics of this acquisition are in line with our strategy, and I am confident in our ability to generate beneficial revenue synergies together,” added Bowman. “In keeping with our goal of delivering reasonably priced growth and enhanced shareholder value, this is the first of what we expect to be many acquisitions we make as a public company. We are actively pursuing numerous opportunities to invest the proceeds from our recent
“Bowman offers us an exciting opportunity to effect an orderly ownership transition and become part of a dynamic and growing organization,” said Phyllis Lamme, President of MDA. “The leadership of Bowman has demonstrated their commitment to empowering the staff of acquired firms by enabling them to thrive, grow and develop professionally within a culture that promotes those same values that we have held since our founding. We are excited about joining Bowman.”
The acquisition, which was financed with a combination of cash, seller financing and stock, is initially expected to add a base of approximately
About McFarland-Dyer & Associates
Founded in 1995, McFarland-Dyer & Associates delivers civil engineering, land planning, land surveying, and landscape architecture services to public and private sector clients throughout the Southeast, with a focus on the metropolitan Atlanta area. Public work has included schools, libraries, fire stations, city halls, streetscapes, parks, playfields and sports facilities. Private projects have included residential subdivisions, multi-family developments, hotels, commercial centers and amenity areas with swimming and tennis facilities. More information on MDA can also be found at www.gomda.net.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With 800 employees and more than 30 offices throughout the United Sates, 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. On May 11, 2021, Bowman completed its
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. 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. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
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FAQ
What is the value of the acquisition made by Bowman Consulting Group (BWMN)?
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