Bowman Consulting Group Ltd (NASDAQ:BWMN) has acquired Texas-based professional services firm 1519 Surveying, LLC. Deal terms were not disclosed.
- 1519 delivers various 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.
- Bowman believes that 1519's experience with the Texas DOT fits their commitment to growing transportation and infrastructure business.
- Under the leadership of Aaron McMillan and David Dossey, 1519's staff of 35+ professionals work from Waco and Fort Worth offices.
- Bowman expects the acquisition to be immediately accretive. It anticipates 1519 to initially contribute ~$5.5 million of annualized net service billing.
- Bowman financed the deal with a combination of cash, seller financing, and stock. It held cash and cash equivalents of $38.75 million as of September 30, 2021.
- "This brings our annualized acquired revenue in 2021 to over $30 million. As with prior acquisitions, the 1519 transaction is within our target multiple ranges, and it meets all of our objectives for operating performance metrics," commented Bruce Labovitz, Bowman's CFO.
- Price Action: BWMN shares are trading higher by 4.76% at $22.00 on the last check Thursday.
