Bowman Acquires Trudell Consulting Engineers in Burlington, Vermont
05 Febbraio 2024 - 2:00PM
Business Wire
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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version on businesswire.com: https://www.businesswire.com/news/home/20240202199686/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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