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Bowman Consulting Group Ltd. (NASDAQ: BWMN) announced a purchase agreement to acquire Perry Engineering LLC, based in Tucson, Arizona. The acquisition aims to enhance Bowman’s service capabilities in civil engineering and land surveying across various sectors. Scheduled for closing on February 2, 2022, the deal is expected to be immediately accretive, contributing approximately $1.5 million in annualized net service billing. The move aligns with Bowman's growth strategy in a thriving Tucson market, emphasizing operational synergies and collaborative opportunities.
Positive
Acquisition of Perry Engineering expected to be immediately accretive.
Projected contribution of approximately $1.5 million in annualized net service billing.
Enhancement of service capabilities in a growing market with operational synergies.
Negative
None.
RESTON, Va.--(BUSINESS WIRE)--
Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced it had entered into a definitive purchase agreement for the acquisition of Perry Engineering LLC (“Perry”). Founded in 2012 and headquartered in Tucson, Arizona, Perry delivers civil engineering consulting and land surveying for residential, commercial, industrial, education, and healthcare related projects. Under the leadership of Ken Perry, the company’s founder, Perry serves both public and private sector clients throughout the Tucson area. In addition, Perry serves in the role of on-call engineers for plan and report reviews for several local jurisdictions. Subject to customary closing conditions, closing is scheduled to occur on February 2, 2022, at which time Perry will join Bowman’s growing Tucson operation focused on land planning, survey, and mining engineering.
“Ken and the Perry team have a long history in the Tucson market,” said Gary Bowman, CEO of Bowman. “Our Tucson operation has grown rapidly and once combined with Perry, Bowman will be one of the larger engineering operations in this thriving market. Perry’s experience in civil engineering, commercial site planning, educational facility design, survey and aerial imaging is highly aligned with our operations and services throughout Arizona and nationally. I am pleased to welcome such an experienced team of professionals to Bowman and look forward to capitalizing on the numerous opportunities this combination presents for work sharing and collaboration.”
“We’re looking forward to becoming part of Bowman,” said Ken Perry, founder, and CEO of Perry. “I am excited about the Bowman culture, leadership style and approach to growth. I was looking for the right fit and I am confident that we have found it here. Becoming part of Bowman and its culture of growth unlocks tremendous opportunity for our staff. We are looking forward to contributing to Bowman’s growth here in Tucson, throughout Arizona and nationally.”
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 Perry acquisition to initially contribute approximately $1.5 million of annualized net service billing.
“We continue to be committed to both organic and acquisitive growth,” said Bruce Labovitz, Bowman’s CFO. “This acquisition kicks off 2022 with a solid addition in a growing market. The Perry acquisition is within our target multiple range, and it meets all of our objectives for operating performance metrics. As is our practice, we will provide more detailed information on M&A activities and pipeline in connection with scheduled quarterly communications.”
About Perry Engineering LLC
Perry Engineering LLC (Perry) has provided civil engineering consulting and land surveying for residential, commercial, industrial, education, and healthcare related projects since 2012. One of the firm’s specialties is filling the role of the civil engineering consultant on architectural led design teams. Perry performs design and plan production work using Civil 3D, the companion program to Revit, and takes great pride in its ability to integrate Building Information Modeling (BIM) capabilities with that of their architect clients. The firm provides documentation for site-related credits during the LEED certification process. With local experience, and knowledge of the various development and zoning codes, standards, and plan review processes associated with the multiple jurisdictions in the greater Tucson area, Perry keeps client projects moving forward according to schedule and budget. Perry’s team works every day to exceed client expectations for reliability and innovation. Additional information on Perry, its team, and its projects can be found at perryengineering.net.
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 1,000 employees and more than 40 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 significance of Bowman's acquisition of Perry Engineering (BWMN)?
The acquisition enhances Bowman's service capabilities, expected to be accretive immediately and contribute $1.5 million in annualized net service billing.
When is the closing date for Bowman's acquisition of Perry Engineering?
The acquisition is scheduled to close on February 2, 2022.
How will the Perry Engineering acquisition impact Bowman Consulting Group Ltd. (BWMN)?
The acquisition is expected to strengthen Bowman's market position in Tucson, providing new growth opportunities and operational synergies.
What are the strategic goals behind the acquisition of Perry Engineering by BWMN?
Bowman aims for both organic and acquisitive growth, focusing on expanding its operations and service offerings in a thriving market.
