Bowman Expands Texas Operations Through Acquisition of Houston and San Antonio based Terra Associates, Inc.
December 27 2021 - 8:00AM
Business Wire
Bowman Consulting Group Ltd. (the “Company” or “Bowman”)
(NASDAQ: BWMN), today announced it had entered into a definitive
purchase agreement for the acquisition of Terra Associates, Inc.
(“Terra”). Closing is scheduled to occur on December 31, 2021,
subject to customary closing conditions. Headquartered in Houston,
Texas, Terra delivers civil design and engineering solutions to
clients focused on traffic and transportation planning,
water-wastewater solutions, landscape and irrigation systems,
office and industrial facilities, and multi-family development.
Under the continuing leadership of Vickie Henkel, Terra’s staff of
30+ professionals work from offices in Houston and San Antonio for
both public and private sector clients. In connection with their
water-wastewater practice, Terra serves in the role of District
Engineer for several Texas-based Municipal Utility Districts
(MUDs).
“Terra is a company with a forty-year heritage of serving
eastern Texas,” said Gary Bowman, CEO of Bowman. “The leadership of
Terra has surrounded themselves with a team of committed and
energetic professionals who will all be great additions to Bowman.
We have been intent on growing our Texas operations and this
acquisition, following closely on the heels of our acquisition of
1519 Surveying, fortifies Bowman’s presence in the Lone Star state.
Terra’s experience in commercial site work, transportation design
and utility district services are highly complementary to our
portfolio of services and align with our growth plans and evolving
market demand. I am pleased to welcome everyone at Terra to Bowman
and I am excited about the potential for our future together.”
“Choosing to join Bowman was an easy decision,” said Vickie
Henkel, CEO of Terra. “Bowman’s approach to growth is very exciting
to all of us at Terra. We’ve gotten to know the leadership at
Bowman over the course of the acquisition process and we all feel
very comfortable with the decision. Their commitment to helping our
leadership and staff grow without changing the core of who we are
is a big part of what makes us excited about this opportunity. The
opportunity to be a part of an entrepreneurial public company is
both exciting and energizing. We are all looking forward to the
future as a Bowman company.”
The acquisition, which the Company expects to be immediately
accretive, was financed with a combination of cash, seller
financing, and stock. The Company expects the Terra acquisition to
initially contribute approximately $5.5 million of annualized net
service billing.
“We are continuing to execute on our commitment to growth at a
reasonable price,” said Bruce Labovitz, Bowman’s CFO. “This will be
our last acquisition in 2021, and it brings our annualized acquired
revenue for the year to approximately $36 million. The Terra
acquisition is within our target multiple range and it meets all of
our objectives for operating performance metrics. As is our
practice, we will provide more detailed information on M&A
activities and pipeline in connection with scheduled quarterly
communications.”
About Terra, Inc.
Terra Associates, Inc. (Terra) has provided civil engineering,
surveying, economical design, project management and permitting
services for multi-family, retail developments, office/industrial
projects, and municipalities for over forty years. During its
award-winning history, the company has added traffic engineering,
landscape architecture and irrigation design services. With
multiple certifications including LEED, Texas HUB, and SBE, Terra’s
team of 30+ professionals work every day to exceed client
expectations for reliability and innovation. Additional information
on Terra, its team, and its projects can be found at
www.terraassoc.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 950 employees and more than 35 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/20211223005455/en/
Investor Relations Bruce Labovitz
ir@bowman.com (703) 787-3403
Megan McGrath mmcgrath@finprofiles.com (310) 622-8248
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