Bowman Acquires Phoenix-based Hess-Rountree, Inc.
12 Décembre 2023 - 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
Hess-Rountree, Inc. (“Hess-Rountree”), a full-service engineering
firm headquartered in Phoenix, Arizona.
With an emphasis on renewable energy, educational and sports
facilities projects, Hess-Rountree provides comprehensive civil
engineering, land surveying, contract administration, 3D laser
scanning, UAV aerial mapping and photography and as-built BIM
modelling services to a range of clients. All Hess-Rountree
employees have joined Bowman in connection with the
acquisition.
During its more than fifty years in business, Hess-Rountree has
worked with over 70 school districts throughout Arizona. The firm
has successfully completed over 800 educational facility projects
for new and existing elementary, middle school, high school and
higher-education campuses. Additionally, the company has growing
practices in the design of athletic fields and courts and renewable
energy projects. Led by current president Doug Osborn, P.E., the
firm has expanded to serve a diverse range of public and private
sector, institutional and tribal clients throughout Arizona.
“Hess-Rountree has geographic adjacency with our Arizona
operations and their experience will immediately contribute to
several of our national practice areas,” said Gary Bowman, chairman
and CEO of Bowman. “When we first met Doug and his team, we were
aware of their extensive portfolio of projects throughout the
Arizona educational market. The more we got to know their business
it became apparent to us just how entrenched they are in their
markets and how they have earned their impressive reputation. We
see many opportunities for synergy in this acquisition and are
excited to get started with integration.”
“Joining with Bowman is the right decision at the right time for
us,” said Doug Osborn, P.E., president of Hess-Rountree. “Having
been around Bowman in Arizona for many years, we know their people
and we have followed their extraordinary growth story. Bowman’s
local, regional and national platform presents opportunities for
our firm and our people to grow well beyond what we have already
accomplished. We all look forward to applying our relationships and
skills from within Bowman to help achieve the company’s long-term
strategic growth objectives.”
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 $3 million. More detailed information on M&A
activities, pipeline and guidance updates are provided in
connection with scheduled quarterly and annual communications.
About Hess-Rountree, Inc.
For over fifty years, Hess-Rountree has provided civil
engineering, land surveying and infrastructure planning services to
public and private sector clients throughout Arizona. Specializing
in educational and athletic facilities, along with commercial,
municipal and institutional development projects, the firm has
worked with over 70 school districts throughout the State of
Arizona and successfully completed over 800 projects for new and
existing elementary, middle school, high school, and collegiate
campuses. In addition, Hess-Rountree has a growing renewable energy
practice. For more information on Hess-Rountree, their projects,
and their services, visit www.hessrountree.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 80 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/20231211563301/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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