Bowman Consulting Strengthens Hold In Marine Space Via Anchor Consultants Acquisition

Bowman Consulting Group Ltd BWMN has acquired Anchor Consultants LLC. Financial terms were not disclosed.
Headquartered in Chadds Ford, Pennsylvania, Anchor specializes in the planning, inspection, design, environmental permitting, dredging engineering, and construction management of waterfront infrastructure along coastal and inland waterways throughout North America.
Under the leadership of founder Ahmad Nadeem, Anchor's experience ranges from industrial ports and harbors to urban waterfront development.
"Ports and harbors are a critical component of the nation's infrastructure and Anchor provides us with a solid platform from which to build our presence and market share in this growing space," stated CEO Gary Bowman.
Bowman expects the Anchor acquisition to initially contribute ~$2.5 million of annualized net service billing and be immediately accretive.
BWMN financed the transaction with a combination of cash and notes.
Bowman held cash and equivalents of $25.78 million as of June 30, 2022.
Price Action: BWMN shares are trading lower by 1.13% at $15.75 on the last check Monday.
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