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Bowman Consulting Group Ltd. (NASDAQ: BWMN) has acquired the assets of Kibart, Inc., an engineering firm based in Towson, Maryland. This strategic acquisition is aimed at enhancing Bowman's building services portfolio and is expected to contribute approximately $6.3 million in annual net service billing. The transaction was financed through cash, seller financing, and stock. CEO Gary Bowman emphasized the potential for cross-selling services and revenue growth. This marks Bowman's fourth acquisition as a public company, reinforcing its commitment to expanding its national reach.
Positive
Acquisition of Kibart expected to increase annualized net service billing by approximately $6.3 million.
Enhances Bowman's building services portfolio and supports cross-selling opportunities for revenue growth.
Continues Bowman's strategy of expanding national reach through targeted acquisitions.
Negative
None.
RESTON, Va.--(BUSINESS WIRE)--
Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the acquisition of the assets of Kibart, Inc. (“Kibart”). Established in 1986 and based in Towson, Maryland, Kibart delivers a variety of services including mechanical, electrical and energy engineering, master planning, utility and infrastructure design, commissioning, LEED-certification design, and construction administration. Under the leadership of Ed Abbott, Kibart services its clients with a team of 35+ employees including professional engineers, LEED accredited and certified commissioning professionals, and CSI certified document technicians.
“Kibart is a great addition to our growing portfolio of building services,” said Gary Bowman, CEO of Bowman. “Ed and his team have designed many award-winning projects that demonstrate market leadership and innovation. The addition of Kibart builds on our acquisitions of KTA Group and PCD earlier this year and accelerates our strategy of developing a building services practice that has a national reach. In keeping with our revenue-focused approach to acquisitions, Kibart as a part of Bowman provides immediate opportunity for the cross-selling of our services and revenue growth. We are extremely pleased with the breadth of leadership we are adding and welcome everyone from Kibart to Bowman.”
“We are all pleased to become part of Bowman,” said Ed Abbott, president of Kibart. “We are aligned with Gary and his team on our collective vision for Kibart’s future as a part of Bowman. The national reach of Bowman’s building services practice along with its expansive civil engineering and land surveying expertise all present immediate opportunities for growth for our clients, our business, and our people. We have similar cultures and overlapping values, and we are excited about this next chapter for all of us at Kibart.”
The acquisition, which the Company expects to be immediately accretive, was financed with a combination of cash, seller financing, and stock. The Company expects the Kibart acquisition to initially contribute approximately $6.3 million of annualized net service billing.
“This is one of the acquisitions we expected to close prior to year end,” said Bruce Labovitz, Bowman’s CFO. “This transaction is within our previously communicated target multiple range for acquisitions and meets all of our objectives for performance metrics. We are pleased to have closed on our fourth transaction as a public company and fifth this year. As is our practice, we will provide more detailed information on M&A activities and pipeline in connection with scheduled quarterly communications.”
About Kibart, Inc.
Founded in 1986, Kibart is an award-winning MEP engineering and commissioning firm that works collaboratively with all project stakeholders to provide solutions that are creative, contemporary, reliable, and sustainable. Having developed exceptionally relevant expertise in the equipment and total systems design process, Kibart’s staff of over 35 building performance experts focus on delivering the highest quality results to clients and the environment. Additional information on Kibart, its team, and its projects can be found at https://kibart.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering innovative infrastructure solutions to customers who own, develop, and maintain the built environment. With 950 employees and more than 35 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 $51.7 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit www.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. 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.
What is the acquisition of Kibart by Bowman Consulting Group about?
Bowman Consulting Group Ltd. has acquired Kibart, Inc. to enhance its building services portfolio and is expected to contribute an additional $6.3 million in annualized net service billing.
How much will the Kibart acquisition contribute to BWMN's revenue?
The acquisition of Kibart is anticipated to contribute approximately $6.3 million to Bowman's annual net service billing.
What financing methods were used for the acquisition of Kibart by Bowman?
The acquisition was financed through a combination of cash, seller financing, and stock.
When did Bowman Consulting Group announce the acquisition of Kibart?
Bowman Consulting Group announced the acquisition of Kibart on a date not specified in the press release.
What is the expected impact of the Kibart acquisition on BWMN's strategy?
The acquisition aligns with Bowman's strategy of expanding its building services practice and offers immediate growth opportunities through cross-selling.
