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Bowman Enters into Definitive Purchase Agreement with California Environmental Firm Blankinship & Associates
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Bowman Consulting Group Ltd. (BWMN) Acquires Blankinship & Associates, a California-based environmental sciences and engineering firm. The acquisition aims to expand Bowman's services and create revenue synergy and wallet-share expansion opportunities. Mike Blankinship, the founder of Blankinship, expresses excitement about joining Bowman.
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Acquisition expands Bowman's services and creates revenue synergy and wallet-share expansion opportunities.
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RESTON, Va.--(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.
