Bowman Consulting Group Ltd. - BWMN STOCK NEWS

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.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has appointed Jeffrey Blair as Vice President of Acquisitions Integration to enhance the smooth transition of acquired firms. With over 30 years of consulting experience, Blair will work closely with the leadership team to maximize the value of acquisitions. Since going public in May 2021, Bowman has expanded through the acquisition of four engineering firms, driving its growth strategy. CEO Gary Bowman emphasized that having a dedicated leader for integration is crucial for future success.

Bowman Consulting Group Ltd. (Nasdaq: BWMN) reported record revenue for Q3 2021, achieving gross revenue of $39.7 million, a 25% year-over-year increase. For the nine months ended September 30, 2021, gross revenue reached $108 million, up 17%. The company has successfully closed four acquisitions and increased its full-year 2021 guidance for Net Service Billing to $130-$133 million and Adjusted EBITDA to approximately $16.5 million. The 2022 outlook anticipates Net Service Billing of $150-$170 million and Adjusted EBITDA of $20-$24 million.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) has acquired the assets of BTM Engineering, Inc., a professional services firm based in Louisville, Kentucky. Founded in 1980, BTM delivers various engineering services. The acquisition is expected to contribute approximately $3 million in annual net service billing, enhancing Bowman's growth strategy and offering immediate cross-selling opportunities. The deal will be financed through cash, seller financing, and stock, marking Bowman's third acquisition in a series ahead of its upcoming earnings call in November.

Bowman Consulting Group Ltd. (NASDAQ: BWMN) will announce its Q3 2021 financial results on November 10, 2021, after market close. A webcast detailing the results will take place at 9:00 a.m. ET on November 11, 2021, hosted by Chairman and CEO Gary Bowman and CFO Bruce Labovitz. The company, headquartered in Reston, Virginia, offers engineering solutions across various regulated markets and employs over 800 people. Bowman completed an initial public offering raising $51.7 million on May 11, 2021.

Bowman Consulting Group Ltd. (BWMN) announced the acquisition of PCD Engineering, Inc., a Denver-based building services firm, which is expected to contribute approximately $2.5 million in annual net service billing. This acquisition aligns with Bowman's strategy for growth in the building services sector, focusing on sustainability and energy efficiency. CEO Gary Bowman highlighted PCD's innovative capabilities and synergy with Bowman's existing operations. The deal was financed through cash, seller financing, and stock, marking Bowman's fourth acquisition in 2021.

Bowman Consulting Group Ltd. (BWMN) has acquired the assets of Triangle Site Design, a civil engineering firm based in Raleigh, NC. Founded in 2008, Triangle is known for its land planning services. This acquisition is expected to contribute approximately $2 million in annual net service billing and is immediately accretive. The deal was financed via cash, seller financing, and stock. Bowman's CEO, Gary Bowman, stated that this acquisition aligns with their strategic growth plans and establishes a foothold in the Carolinas, while Triangle's founder, Matt Lowder, expressed excitement about the synergies with Bowman.

Bowman Consulting Group Ltd (BWMN) has appointed Jim Brezack as the new Water Resources Director, enhancing its national water resources practice. Brezack brings 30 years of industry experience, focusing on water conservation and supply challenges, and will help expand Bowman's presence in the California market. His previous firm, Brezack & Associates, has joined Bowman, indicating a strategic move to strengthen their capabilities in addressing rising U.S. water and environmental challenges.