Bowman Acquires Reno-Based Engineering Firm CFA, Inc.
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 CFA, Inc. ("CFA"), headquartered in Reno, Nevada. Founded in 1981, CFA provides a mix of civil engineering, planning, surveying, mapping, and remote sensing to a mix of public and private sector customers.
CFA works on projects involving public works and utility infrastructure, traffic and transportation management, data centers, healthcare facilities, educational institutions, hospitality venues, and recreational complexes. The firm's staff of approximately 30 professionals includes licensed surveyors, professional engineers, a certified planner, certified survey technicians and FAA Part 107 certified UAS pilots. All CFA employees will join Bowman in connection with the acquisition.
"CFA's team of professionals will be a terrific addition to Bowman," said Gary Bowman, chairman and CEO of Bowman. "CFA is one of northern Nevada's leading engineering, surveying and planning firms with clients, capabilities, and a geographic focus which are all extremely complementary to the core business of Bowman. This acquisition strengthens our presence in Nevada and provides a solid base from which to continue expansion throughout the state and beyond. I am pleased to have everyone from the CFA team join Bowman."
"We have a company that is a tremendous source of pride to everyone who has helped make it what it is today," said Kevin German, P.L.S, president of CFA. "Our commitment to a client first culture and a workplace that employees value has remained unchanged as we have grown over the past several years. As a result, we have achieved an excellent level of employee and client retention. With Bowman, we have found a company with a compatible culture and approach to employee engagement and customer service. We are confident that this partnership will create valuable client synergies and professional development opportunities to everyone involved."
Financed with a combination of cash, seller notes and equity, the acquisition falls within previously discussed target multiple 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 $5 million. More detailed information on M&A activities, pipeline and guidance updates are provided in connection with scheduled quarterly and annual communications.
About CFA, Inc.
Since its founding in 1981, CFA, Inc. has been providing planning, civil engineering, surveying, mapping, and remote sensing. From feasibility studies, planning and site design and topographic mapping for private developers, major corporations, government agencies and consultants that they work with, CFA prides itself on its ability to be professional, creative, thorough, efficient, and easy to work with. At CFA you will find people who enjoy their work and the camaraderie of their co-workers. The firm's professionals are passionate about their respective fields and committed to making a valuable contribution to client challenges and enhancing their community. For more information on CFA, their projects, and their services, visit www.cfareno.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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