Bowman Consulting Group Ltd. Acquires Raleigh, NC Based Triangle Site Design
October 01 2021 - 8:00AM
Business Wire
Bowman Consulting Group Ltd. (the “Company” or “Bowman”)
(NASDAQ: BWMN), today announced the acquisition of the assets of
Triangle Site Design (“Triangle”) headquartered in Raleigh, NC.
Triangle, founded in 2008 and led by its founder Matt Lowder,
delivers civil engineering and land planning services to clients
throughout the Research Triangle area of North Carolina.
“We are excited to welcome Matt and his team to Bowman,” said
Gary Bowman, CEO of Bowman. “We’ve been looking for the right
opportunity to establish a presence in Raleigh and Triangle is an
ideal way to make that happen. Matt and his team will be key to
helping expand our presence throughout the Carolinas. This
acquisition aligns with our strategic initiatives for growth and
expansion.”
“Bowman is an ideal fit for us,” said Matt Lowder, founder of
Triangle. “The firm is the cultural fit that we were looking for
and we share a passion for serving our clients. We appreciate the
confidence Gary and his team have placed in us as their foothold in
the Raleigh area. I am confident that there will be many synergies
between our operations and Bowman’s throughout the Carolinas.
Everyone at Triangle is excited about becoming part of the Bowman
family.”
The acquisition, which the Company expects to initially
contribute approximately $2 million of annual net service billing
and be immediately accretive, was financed with a combination of
cash, seller financing, and stock.
“We’re pleased to be executing on our acquisition plans and
deploying capital we raised in our IPO,” added Bruce Labovitz,
Bowman’s CFO. “This is the first of several similarly sized
acquisitions in our pipeline that we expect to close prior to our
upcoming third quarter earnings call in November. We look forward
to providing more details on our M&A activities at that
time.”
About Triangle Site Design
Founded in 2008, Triangle Site Design is a seasoned civil
consulting and engineering firm that specializes in land planning
and land development design. Headquartered in Raleigh, NC, Triangle
partners with developers and retailers to deliver high-quality
results while reducing cost and time through value engineering.
More information on Triangle Site Design can be found at
www.trianglesitedesign.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an engineering
services firm delivering innovative infrastructure solutions to
customers who own, develop, and maintain the built environment.
With 900 employees and more than 30 offices throughout the United
Sates, Bowman provides a variety of planning, engineering,
construction management, commissioning, environmental consulting,
geomatics, survey, land procurement and other technical services to
customers operating in a diverse set of regulated end markets. On
May 11, 2021, Bowman completed its $51.7 million initial public
offering and began trading on the Nasdaq under the symbol BWMN. For
more information, visit www.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. 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. All forward-looking statements are based on information
available to the Company on the date hereof, and the Company
assumes no obligation to update such statements, except as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211001005119/en/
Investor Relations Bruce Labovitz ir@bowman.com (703)
787-3403
Megan McGrath mmcgrath@finprofiles.com (310) 622-8248
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