Bowman Acquires Trudell Consulting Engineers in Burlington, Vermont
Bowman Consulting Group Ltd. (the "Company" or "Bowman") (NASDAQ:BWMN), a national engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment, today announced the acquisition of Trudell Consulting Engineers and its wholly owned Vermont Underground Locators subsidiary (collectively "TCE"), a multi-disciplinary engineering firm located just outside Burlington in Williston, Vermont. Founded in 1975, TCE works with both public and private clients across multiple sectors. Led by current CEO and president Jeremy Matosky, PE, the firm provides civil engineering, landscape architecture, land surveying, utility locating and environmental services to clients throughout Vermont. Clients include private developers, planning authorities, municipalities, renewable energy providers, natural resource excavators, hospitality and ski resort operators, property managers and retailers. TCE's employees will all join Bowman in connection with the acquisition.
"TCE is a dynamic engineering firm in a growing market with an extremely talented collection of professionals," said Gary Bowman, chairman and CEO of Bowman. "Under Jeremy's leadership, the firm has generated consistent growth and expansion of their scope of services. While Burlington and the larger Vermont market is new territory for us, TCE will very much complement and extend our existing presence throughout northern New England and Upstate New York. I expect great things to come from this acquisition."
"We are excited to join with Bowman and accelerate the growth of our business," said Jeremy Matosky, CEO and president of TCE. "Burlington is a great place to live and work with a highly educated workforce and a growing demand for infrastructure investment. This is the right time in our journey for TCE to join forces with a larger strategic partner. After getting to know the Bowman culture and leadership, I am confident that Bowman is the right fit for me, our staff and our clients."
Financed with a combination of cash, seller notes and equity, the acquisition falls within previously discussed target multiples and operating metric ranges and is expected to be immediately accretive. The Company anticipates the acquisition will initially operate at an annualized net service billing run rate of approximately $4.5 million. More detailed information on M&A activities, pipeline and guidance updates are provided in connection with scheduled quarterly and annual communications.
About Trudell Consulting Engineers (TCE)
Since 1975, TCE has continued to evolve and adapt to the changing economy and challenges of an ever-increasing complex regulatory world. The company develops successful life-cycle project designs that assist its clients achieve their financial and operational goals from the initial concept through final construction. Specializing in site/civil engineering, environmental, landscape architecture, and land surveying including utility locating for a variety of clients throughout Vermont, TCE clients span the public and private sectors. For more information on TCE, their projects, and their services, visit www.tcevt.com and www.vtlocators.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 2,000 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.
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