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
Moore Consulting Engineers (“Moore”), a mechanical, electrical,
plumbing, and fire protection (“MEP/FP”) engineering firm based in
Shamong, New Jersey.
Moore provides comprehensive MEP/FP engineering services to
private and public sector clients throughout the United States.
Founded in 2003 by current president Jeffrey Moore, PE, LEED AP,
the firm provides specialized and generalized expertise in the
areas of heating, ventilation, and air systems planning;
electrical, lighting, photovoltaic (solar), and low voltage systems
design; and fire protection and alarm system engineering. With
multiple LEED-accredited professionals on staff, Moore designs
projects that meet the highest standards of environmental focus,
energy efficiency, and long-term sustainability.
“Moore Consulting Engineers adds additional depth to our growing
MEP and fire protection practices,” said Gary Bowman, chairman and
CEO of Bowman. “Jeff has built a great business over the past 21
years, and we are proud to be partnering with the entire Moore team
as they move to the next chapter in their story. Their focus on
LEED standards brings additional expertise to our portfolio of
services, and I am confident they will integrate quickly and add
value immediately.”
“I am happy to share that our next step will be to join Bowman.
Several of Bowman’s recent acquisitions demonstrated to us their
commitment to building a national MEP, fire protection, and
sustainability practice,” said Jeffrey Moore, president of Moore.
“Like Bowman, we are growth-oriented and are excited about the
opportunity to contribute to their efforts to build a full-service
national MEP/FP practice. Having gotten to know Bowman well, I feel
confident that this is the right move for all the families that
make up the Moore team. Our employees will benefit in many ways
from Bowman’s extensive professional development opportunities, and
our clients will benefit from the extensive network of people and
resources we now have at our disposal.”
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 operate 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 Moore Consulting Engineers
Moore Consulting Engineers has been providing mechanical,
electrical, plumbing, and fire protection engineering since 2003.
Founded by Jeffrey Moore, PE, LEED AP, the firm has grown over the
past 21 years from only serving clients in the Philadelphia and
south New Jersey markets to serving clients throughout the United
States. Specializing in heating, ventilation, and air conditioning;
electrical, lighting, photovoltaic, and low voltage systems; and
plumbing, fire protection, and alarm systems, the firm has licensed
specialists providing designs oriented to LEED certification
requirements. For more information on Moore Consulting Engineers,
their projects, and their services, visit www.jamoore.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 2,100 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/20240416224100/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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