Bowman Expands Arizona Operations Via Perry Engineering Acquisition

Bowman Consulting Group Ltd BWMN has agreed to acquire Perry Engineering LLC for undisclosed financial terms.
Arizona-based Perry delivers civil engineering consulting and land surveying for residential, commercial, industrial, education, and healthcare-related projects. The company serves both public and private sector clients throughout the Tucson area.
Bowman Consulting expects the acquisition to be immediately accretive and to initially contribute ~$1.5 million of annualized net service billing.
Perry's founder and CEO Ken Perry will join Bowman's Tucson operation focused on land planning, survey, and mining engineering.
Bowman Consulting financed the deal with a combination of cash, seller financing, and stock. It held cash and equivalents of $38.75 million as of September 30, 2021.
The company expects to close the deal on February 2, 2022.
Price Action: BWMN shares traded lower by 3.29% at $19.42 on the last check Monday.