Bowman Expands Texas Operations With Acquisition Of Terra Associates

Bowman Expands Texas Operations With Acquisition Of Terra Associates

Bowman Consulting Group Ltd BWMN has agreed to acquire Terra Associates, Inc., for an undisclosed sum.

  • Terra is a Houston, Texas-based private firm that delivers civil design and engineering solutions to clients focused on traffic and transportation planning, water-wastewater solutions, landscape and irrigation systems, office and industrial facilities, and multi-family development.
  • The company expects the acquisition to be immediately accretive and initially contribute ~$5.5 million of annualized net service billing.
  • The company has financed the transaction with a combination of cash, seller financing, and stock. It held cash and cash equivalents of $38.75 million as of September 30, 2021.
  • "This will be our last acquisition in 2021, and it brings our annualized acquired revenue for the year to ~$36 million. The Terra acquisition is within our target multiple ranges, and it meets all of our objectives for operating performance metrics," commented CFO Bruce Labovitz.
  • The company expects to close the deal on December 31, 2021.
  • Price Action: BWMN shares are trading lower by 0.46% at $21.80 on the last check Monday.

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