RESTON, Va.--(BUSINESS WIRE)--Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), a national engineering services firm delivering infrastructure design solutions to customers who own, develop, and maintain the built environment, today announced the acquisition of Element Engineering LLC (“Element”), a civil, water and wastewater engineering services firm based in Lakewood, Colorado.
Element serves rural communities and specialty districts throughout the Rocky Mountain West and Midwest. The firm delivers a comprehensive suite of professional, innovative, and cost-effective engineering solutions to its clients. Working with primarily municipal clients, Element strives to meet each client’s unique assignment and specification.
“Element adds additional depth to our growing national water-wastewater practice and extends our presence throughout Colorado,” said Gary Bowman, chairman and CEO of Bowman. “Nick and his team have built a thriving business by focusing on the details of building relationships and delivering unrivaled client service. Their proximity to our Denver operations provides an attractive opportunity to leverage each other’s relationships and resources. I am confident this will be a successful combination of cultures, customers and opportunities.”
“We started Element to deliver civil, water and wastewater engineering to smaller water authorities and municipal customers who weren’t being served by larger firms,” said Nicholaus Marcotte, founder and president of Element. “With Bowman, we will be able to continue our commitment to underserved customers but with a bigger set of resources and a deeper suite of services. We will also be exposed to a broader assortment of local and non-local projects which is an exciting prospect for everyone at Element. We’re pleased to be moving into this next phase of our company’s growth and evolution.”
Financed with a combination of cash, seller notes, and equity, the acquisition falls within previously discussed target multiples and operating metric ranges. The Company anticipates the acquisition will initially contribute at an annualized net service billing run rate of approximately $4.0 million and be immediately accretive. More detailed information on M&A activities, pipeline, and guidance updates are provided in connection with scheduled quarterly and annual communications.
About Element Engineering
Element Engineering has been providing civil, water and wastewater engineering services since 2014. Founded by Nicholaus Marcotte, P.E., the firm has grown over the past 10 years to become a trusted service provider to many rural water authorities and municipalities throughout the Rocky Mountain West and Midwest. Specializing in water and wastewater treatment design, permitting, planning, funding, and design; enforcement orders assistance; GIS, mapping and asset management; and distribution and collection system modeling, analysis, and design, the firm has licensed specialists providing designs to meet all related customers specifications. For more information on Element Engineering, their projects, and their services, visit www.elementengineering.net.
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 90 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.
