Bowman Consulting Acquires Professional Services Firm Fisher Engineering; Expects Deal To Be Immediately Accretive - Bowman Consulting Group (NASDAQ:BWMN)

Bowman Consulting Group Ltd BWMN has acquired Fisher Engineering, a customized fire protection and life safety engineering services provider. The financial terms were not disclosed.
Founded in 2007, Fisher serves customers across the U.S. and internationally from offices in Atlanta, Baltimore, Charlotte, Detroit, Portland (ME), Phoenix and Virginia Beach.
Fisher's services include code consulting, commissioning, life safety survey and analysis, systems design, fire, smoke and egress modeling, performance-based design, litigation and forensic engineering, and third-party reviews.
Fisher's workforce of 24 professionals, including Doug Fisher, the firm's Principal Fire Protection Engineer and Co-Founder, will join Bowman.
"We've been pursuing the acquisition of Fisher for quite some time," said Gary Bowman, CEO of Bowman. "Fisher's experience as a prime contractor to the United States federal government will provide us a pathway to expand our reach to the single largest infrastructure consumer in our market."
Bowman expects the Fisher acquisition to contribute approximately $5 million of annualized net service billing before revenue synergies and be immediately accretive.
BWMN financed the deal with a combination of cash, seller notes, and equity. The company held $14.3 million in cash and equivalents as of March 31, 2023.
Price Action: BWMN shares are trading higher by 0.14% at $27.70 on the last check Monday.