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
High Mesa Consulting Group (“High Mesa”), a multi-disciplinary
consulting firm headquartered in Albuquerque, New Mexico. Founded
in 1977, High Mesa provides land and UAV (drone) based surveying,
mapping, and geospatial services; sub-surface utility
infrastructure engineering, inspection, and mapping; civil
engineering; and planning services throughout New Mexico, Eastern
Arizona, and Southwestern Colorado. High Mesa is Bowman’s tenth
acquisition in 2023.
High Mesa serves a wide range of customers involved in the
design, construction and operation of horizontal and vertical
infrastructure, including local, state and federal clients, in
addition to private sector owners, contractors and other technical
consultants. The firm focuses on projects involving transportation,
railroads, utilities and energy, public and private K-12 and higher
education, healthcare, and private land development. With a
concentration on long-term, on-call services-oriented client
relationships, High Mesa is a progressive, Quality Based Selection
(QBS) firm with a track record of delivering innovative services
and solutions. The firm’s staff of 22 professionals includes
multiple FAA Part 107 certified pilots who operate a fleet of UAV
and UAS drones and high-resolution imagery systems. All High Mesa
employees will join Bowman in connection with the acquisition.
“High Mesa is a great addition to Bowman and immediately expands
our reach into growing markets we do not currently serve,” said
Gary Bowman, chairman and CEO of Bowman. “Their focus on
educational and healthcare institutions, utility and energy
clients, and public sector customers throughout the Southwest is
highly complementary to our existing footprint and suite of
services. The core skills of their professional workforce are well
aligned and highly consistent with our culture of work-sharing and
utilization optimization. Additionally, their concentration on
state, local, and federal customers, along with their expertise in
higher education and K-12 educational projects, makes them a
terrific fit for our strategic initiative to increase public sector
assignments. I’m very pleased to have the High Mesa team join us
and look forward to a great future together.”
“This is the next chapter in the storied history of our firm,”
said Charles Cala, president of High Mesa. “We have achieved a
tremendous amount during the firm’s 46-year history, and I am
incredibly proud of the work we’ve delivered to our customers and
our communities. Today we start the next phase of our professional
journey as a part of Bowman. We are excited about the opportunities
this presents for our staff, for our clients and for our collective
futures. We’re all ready to get to work adding value to
Bowman.”
Financed with a combination of cash, seller notes and equity,
the acquisition falls within previously discussed target multiple
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 million. More detailed information on M&A
activities, pipeline and guidance updates are provided in
connection with scheduled quarterly and annual communications.
About High Mesa
Since 1977, High Mesa Consulting Group provides surveying and
mapping, subsurface utility engineering, civil engineering and
planning services to state, federal and local agencies,
institutional, utility/energy companies as well as private clients
and the contractors and technical consultants who service them.
Over the course of its 46 years in business, High Mesa has evolved
into a highly diversified, progressive, Quality Based Selection
(QBS) firm. With a concentration on long term clients, including
on-call contracting, the firm has an outstanding record of
continued growth, expansion of services offered, and delivery of
top-quality services. For more information on High Mesa Consulting,
their projects, and their services, visit www.highmesacg.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 80 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/20231113539203/en/
General Media Contact: Christina Nichols
cnichols@bowman.com Investor Relations Contacts: Bruce
Labovitz ir@bowman.com Larry Clark lclark@bowman.com
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