Bowman Expands Arizona Operations Via Perry Engineering Acquisition

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.

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