Bowman Acquires Colorado Water/Wastewater Firm Element Engineering
July 12 2024 - 7:30AM
Business Wire
Bowman Consulting Group Ltd. (the “Company” or “Bowman”)
(NASDAQ: BWMN), a national engineering services firm delivering
infrastructure design solutions to customers who own, develop, and
maintain the built environment, today announced the acquisition of
Element Engineering LLC (“Element”), a civil, water and wastewater
engineering services firm based in Lakewood, Colorado.
Element serves rural communities and specialty districts
throughout the Rocky Mountain West and Midwest. The firm delivers a
comprehensive suite of professional, innovative, and cost-effective
engineering solutions to its clients. Working with primarily
municipal clients, Element strives to meet each client’s unique
assignment and specification.
“Element adds additional depth to our growing national
water-wastewater practice and extends our presence throughout
Colorado,” said Gary Bowman, chairman and CEO of Bowman. “Nick and
his team have built a thriving business by focusing on the details
of building relationships and delivering unrivaled client service.
Their proximity to our Denver operations provides an attractive
opportunity to leverage each other’s relationships and resources. I
am confident this will be a successful combination of cultures,
customers and opportunities.”
“We started Element to deliver civil, water and wastewater
engineering to smaller water authorities and municipal customers
who weren’t being served by larger firms,” said Nicholaus Marcotte,
founder and president of Element. “With Bowman, we will be able to
continue our commitment to underserved customers but with a bigger
set of resources and a deeper suite of services. We will also be
exposed to a broader assortment of local and non-local projects
which is an exciting prospect for everyone at Element. We’re
pleased to be moving into this next phase of our company’s growth
and evolution.”
Financed with a combination of cash, seller notes, and equity,
the acquisition falls within previously discussed target multiples
and operating metric ranges. The Company anticipates the
acquisition will initially contribute at an annualized net service
billing run rate of approximately $4.0 million and be immediately
accretive. More detailed information on M&A activities,
pipeline, and guidance updates are provided in connection with
scheduled quarterly and annual communications.
About Element Engineering
Element Engineering has been providing civil, water and
wastewater engineering services since 2014. Founded by Nicholaus
Marcotte, P.E., the firm has grown over the past 10 years to become
a trusted service provider to many rural water authorities and
municipalities throughout the Rocky Mountain West and Midwest.
Specializing in water and wastewater treatment design, permitting,
planning, funding, and design; enforcement orders assistance; GIS,
mapping and asset management; and distribution and collection
system modeling, analysis, and design, the firm has licensed
specialists providing designs to meet all related customers
specifications. For more information on Element Engineering, their
projects, and their services, visit www.elementengineering.net.
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 2,200 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/20240711404680/en/
General Media Contact: Christina Nichols
cnichols@bowman.com Investor Relations Contacts: Bruce
Labovitz ir@bowman.com Betsy Patterson ir@bowman.com
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