Bowman Consulting Buys BTM Engineering For Undisclosed Sum
Bowman Consulting Group Ltd (NASDAQ: BWMN) has acquired the assets of BTM Engineering, Inc., a diversified professional services firm based in Louisville, Kentucky. Financial terms were not disclosed.
BTM offers various services, including civil and structural engineering, planning, land survey, 3-D scanning, landscape architecture, and cellular infrastructure design.
The company expects the acquisition to initially contribute ~$3 million of annual net service billing and be immediately accretive.
Bowman Consulting financed the deal with a combination of cash, seller financing, and stock. It held cash and equivalents of .55 million as of June 30, 2021.
The company expects to close the acquisition prior to its upcoming third-quarter earnings call in November.
"The economics of this acquisition are attractive relative to our communicated goals and objectives for M&A," Bruce Labovitz, Bowman's CFO.
Price Action: BWMN shares are trading higher by 0.07% at $14.01 on the last check Friday.
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