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RESTON, Va.--(BUSINESS WIRE)--
Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the acquisition of 1519 Surveying, LLC (“1519”). Established in 1974 and headquartered in Waco, Texas, 1519 delivers a variety of engineering and survey solutions to a diverse base of private and public clients. Services include land surveying, aerial imaging, GIS mapping, 3-D laser scanning and civil engineering. Under the continuing leadership of Aaron McMillan and David Dossey, 1519’s staff of 35+ professionals work from Waco and Fort Worth offices for clients focused on renewable energy, public works, oil and gas and land development.
“With 1519, Bowman adds tremendous depth in the Texas surveying, engineering and geomatics markets,” said Gary Bowman, CEO of Bowman. “The 1519 team is an impressive group with a solid command of their markets and an appetite for growth that aligns well with Bowman’s strategy. 1519 is a recognized leader in serving the energy transition market with broad experience in large scale wind farms and utility scale photovoltaic facilities. The firm’s experience with the Texas DOT fits well with our commitment to growing our transportation and infrastructure business. When it comes to oil and gas clients, the professionals at 1519 are highly experienced in providing services to the upstream and midstream petrochemical industry. We’re excited to begin working together and integrating the 1519 team into Bowman’s national network.”
“Bowman is a perfect fit for us,” said Aaron McMillon, president of 1519. “We have always valued growth but have been constrained in our ability to truly accelerate our business expansion. That all changes now that we are a part of Bowman. We are all-in with the Bowman story and are pleased that their leadership recognizes the potential we contribute for growth both in our existing markets and throughout Bowman. Our common commitment to the core values of innovation, safety and customer first were a big part of our decision to join with Bowman.”
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 1519 acquisition to initially contribute more than $5.5 million of annualized net service billing.
“This is our sixth acquisition since going public in May, our seventh for the year,” said Bruce Labovitz, Bowman’s CFO. “This brings our annualized acquired revenue in 2021 to over $30 million. As with prior acquisitions, the 1519 transaction 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 1519 Surveying, LLC 1519 Surveying, LLC (1519) is a professional services firm focused on providing exceptional service while meeting the highest industry safety standards. The company has been serving the renewable energy market, oil and gas clients, and municipalities and state agencies throughout Texas for more than 40 years. The company specializes in services that include land surveying, civil engineering, aerial services, geographic information systems (GIS) solutions, and 3D laser scanning. Additional information on 1519, its team, and its projects can be found at www.1519llc.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.
