Bowman Consulting Acquires Professional Services Firm Fisher Engineering; Expects Deal To Be Immediately Accretive

  • 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.
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