Bowman Consulting Strengthens Hold In Marine Space Via Anchor Consultants Acquisition

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.
  • Photo Via Company
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