Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the purchase of Fisher Engineering, Inc. (“Fisher”), a professional services firm specializing in customized fire protection and life safety engineering for public and private customers. Founded in 2007, Fisher serves customers across the United States and internationally from offices in Atlanta, Baltimore, Charlotte, Detroit, Portland (ME), Phoenix and Virginia Beach. The firm provides an extensive array of technical services involving code consulting, commissioning, life safety survey and analysis, systems design, fire, smoke and egress modeling, performance-based design, litigation and forensic engineering, and third-party reviews. Fisher works with clients in a broad range of sectors including aviation, data centers, education, fueling, government, healthcare, hospitality, commercial and industrial real estate, oil and gas, student housing and technology hubs. Fisher’s workforce of twenty-four professionals, including Doug Fisher, the firm’s Principal Fire Protection Engineer and Co-Founder, will join Bowman in connection with the acquisition.
“We’ve been pursuing the acquisition of Fisher for quite some time,” said Gary Bowman, CEO of Bowman. “Fisher has built a great platform from which we can expand a national and international fire protection and life safety practice. Doug and the Fisher team possess a depth of expertise that complements the services we offer and aligns perfectly with our extensive customer base. Fisher’s experience as a prime contractor to the United States federal government will provide us a pathway to expand our reach to the single largest infrastructure consumer in our market. We’re all looking forward to realizing the inherent revenue synergies that will come from this acquisition.”
“Bowman has a reach that will enable our business to grow at a rate we could not otherwise achieve,” said Doug Fisher, Principal Fire Protection Engineer and Co-Founder of Fisher. “There’s a tremendous opportunity to leverage our collective experiences, customers, and cultures to create something far bigger and more valuable than what we have today. Fisher brings experience in federal contracting and prime government contracts that enhance Bowman’s ability to expand its public and federal penetration. Our staff is excited to become part of the Bowman team and to access the many professional development programs and career growth tracks Bowman offers their employees.”
The Company expects the Fisher acquisition to contribute approximately $5 million of annualized net service billing before revenue synergies and be immediately accretive. Financed with a combination of cash, seller notes, and equity, the acquisition falls within previously discussed target multiple and operating metric ranges. More detailed information on M&A activities, pipeline, and guidance updates will be provided in connection with scheduled quarterly and annual communications.
About Fisher Engineering, Inc.
Fisher Engineering, Inc. was established in 2007 with the aim of offering clients a responsive, personal solution to fire protection engineering services. Fisher strives to provide customized, high-quality fire protection engineering services to clients across the country and abroad. Fisher employs an accredited team of registered fire protection engineers with advanced degrees in fire protection engineering. With offices and personnel in Atlanta, Baltimore, Charlotte, Detroit, Portland (ME), Phoenix, Southern California and Virginia Beach, Fisher is well positioned to access project sites throughout North America and internationally. For more information on Fisher Engineering, Inc., their projects, and services, visit www.feifire.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 1,650 employees and more than 70 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.
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.