Bowman Consulting Group Ltd. (the “Company” or “Bowman”)
(NASDAQ: BWMN), today announced it has entered into a definitive
purchase agreement to acquire Exeltech Consulting, Inc.
(“Exeltech”) based in Lacey, Washington. Exeltech specializes in
bridge design, transportation planning, environmental compliance,
civil engineering, landscape architecture, permitting and
construction management for owners and operators of transportation
infrastructure, transit facilities, ports and harbors, waterfront
developments, building structures, and storm drainage and utility
systems. Led by Santosh Kuruvilla, PE, SE, PMP, Exeltech serves
clients throughout the Pacific Northwest from offices in
Washington, Oregon, and Montana.
“Exeltech complements Bowman from both a services and geographic
footprint perspective,” said Gary Bowman, chairman and CEO of
Bowman. “The structural bridge design and transportation
infrastructure experience of the Exeltech team expands the capacity
and reach of our rapidly growing national transportation and ports
and harbors practices. Their location directly complements our
recent FCS acquisition and strengthens our presence in the Pacific
Northwest. Given that we’ve already begun collaborating with
Exeltech on projects, I expect a meaningful amount of revenue and
utilization synergies from this combination.”
“We have steadily grown Exeltech and successfully expanded our
reach within our markets, and now we want to extend our reach
nationally,” said Santosh Kuruvilla, president of Exeltech.
“Joining with Bowman offers us the opportunity to align with a
rapidly growing national firm with a commitment to expanding in
areas where we are highly experienced. We believe we can be
consequential in that effort and look forward to introducing our
team’s extensive structural bridge and civil transportation
capabilities into Bowman’s portfolio of service offerings.”
Exeltech’s structural engineering team brings extensive
expertise in the design, inspection, assessment, repair, retrofit,
replacement, load rating, and construction of a wide range of
structures. Their knowledge spans local, state, and federal
requirements for roadway and pedestrian bridges, grade separations,
tunnels, culverts, retaining walls, fixed and floating structures,
as well as marinas, piers, wharves, breakwaters, docks, and both
new and historic buildings. Exeltech’s civil engineering team
supports a wide range of projects, including roadways, roundabouts,
pedestrian and bicycle enhancements, parking, parks and trails,
airports, marine facilities, railroads, fish passage improvements,
culvert replacements and general use site development.
Additionally, Exeltech’s environmental sciences team focuses on
creating highly constructible, cost-effective designs that deliver
the highest degrees of regulatory, environmental and sustainability
standards.
Financed with a combination of cash, seller term notes, and a
convertible note with a conversion strike price of $32.32 per
share, the acquisition conforms with previously discussed target
multiples and operating metrics. Bowman anticipates the acquisition
will initially operate at an annualized net service billing run
rate of approximately $7.0 million and be immediately accretive.
Closing is subject to certain usual and customary conditions which
the Company expects to be met on or after November 5, 2024. More
detailed information on M&A activities, pipeline, and guidance
updates are provided in connection with scheduled quarterly and
annual communications.
Morrissey Goodale, a specialized management consulting and
research firm exclusively serving the architecture, engineering,
and environmental consulting industries, initiated the transaction
and advised Exeltech.
About Exeltech Consulting, Inc.
Founded in 1989 and subsequently purchased in 1998 by Santosh
Kuruvilla, PE, SE, PMP, Exeltech works with state, federal, and
local agencies, consultant teams, and private clients. The firm
provides design, planning, permitting, and construction management
services relating to bridges, roads, transit facilities, waterfront
developments, buildings, landscape architecture, site developments
and storm drainage and utility systems. Over its nearly 40-year
history, the firm has transformed from a bridge engineering firm
into a multidisciplinary consulting company providing planning,
permitting, design, and construction management for clients’
building, site development, and transportation projects. For more
information on Exeltech, their projects, and their services, visit
www.xltech.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a national
engineering services firm delivering infrastructure solutions to
customers who own, develop, and maintain the built environment.
With over 2,200 employees and more than 95 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241031024964/en/
General Media Contact: Renee Narvaez pr@bowman.com
Investor Relations Contacts: Bruce Labovitz Betsy
Patterson ir@bowman.com
Bowman Consulting (NASDAQ:BWMN)
過去 株価チャート
から 10 2024 まで 11 2024
Bowman Consulting (NASDAQ:BWMN)
過去 株価チャート
から 11 2023 まで 11 2024
