RESTON, Va. - Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national provider of engineering services, has announced the acquisition of Moore Consulting Engineers, a New Jersey-based firm specializing in mechanical, electrical, plumbing, and fire protection engineering.
The acquisition, which was financed through a mix of cash, seller notes, and equity, aligns with Bowman's strategic goals and financial criteria. Bowman anticipates that Moore Consulting Engineers will contribute an annualized net service billing run rate of around $4.0 million and will be immediately accretive to earnings.
Founded in 2003, Moore Consulting Engineers has expanded its reach from local markets in Philadelphia and South New Jersey to a nationwide client base over the last 21 years. The firm has established a reputation for designing projects that adhere to LEED standards, emphasizing environmental sustainability and energy efficiency.
Gary Bowman, chairman and CEO of Bowman, expressed confidence in the acquisition, citing the added expertise and value that Moore's focus on LEED standards will bring to Bowman's portfolio. He also noted the seamless integration expected as Moore joins Bowman's efforts to build a full-service national MEP/FP practice.
Jeffrey Moore, president of Moore Consulting Engineers, echoed the sentiment, highlighting the growth opportunities and professional development benefits for Moore's employees within Bowman's extensive network.
The transaction is part of Bowman's ongoing expansion in the MEP and fire protection sectors, demonstrating its commitment to building comprehensive national practices in these areas.
Bowman Consulting Group, headquartered in Reston, Virginia, operates with over 2,100 employees across more than 90 offices in the United States. The firm offers a broad range of services, including planning, engineering, geospatial, and environmental consulting, to a diverse set of regulated end markets.
This news is based on a press release statement from Bowman Consulting Group.
InvestingPro Insights
Bowman Consulting Group Ltd.'s (NASDAQ: BWMN) recent acquisition of Moore Consulting Engineers is a strategic move that could bolster the company's financial performance, particularly given the optimistic outlook reflected in the latest metrics and analyst insights. With a market capitalization of $517.28 million, Bowman is positioning itself for growth in the engineering sector.
One of the key InvestingPro Tips for Bowman highlights that analysts expect net income to grow this year, which may be further supported by the anticipated sales growth in the current year. This aligns with Bowman's strategic acquisition, which is expected to contribute to the company's earnings. Additionally, the company's impressive gross profit margins, which stood at 50.84% for the last twelve months as of Q1 2023, suggest a strong ability to manage costs relative to revenue—a crucial factor in the success of their expansion strategy.
InvestingPro Data further indicates that while the company has been operating with a moderate level of debt, it is trading at a high EBITDA valuation multiple, which suggests market expectations of future growth. This forward-looking optimism is also supported by the fact that analysts predict the company will become profitable this year.
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