Bowman Consulting Acquires Engineering Services Firm Hole Montes For Undisclosed Sum - Bowman Consulting Group (NASDAQ:BWMN)

Bowman Consulting Group Ltd BWMN announces the purchase of Hole Montes, Inc., an engineering services firm. Deal terms were not disclosed.
Hole Montes offers an extensive portfolio of infrastructure planning services from Naples, Florida, and Fort Myers, Florida, offices. It has a workforce of 65 professionals.
“Hole Montes is a well-respected firm with a long-established presence in Southwest Florida. They possess expertise and client relationships that complement ours and will benefit from our national platform,” commented Gary Bowman, CEO of Bowman.
“We expect to recognize meaningful revenue synergies over time from this combination while also optimizing our collective utilization based on similar customer engagements and core capabilities,” Gary added.
The transaction was financed with a combination of cash, seller notes, and equity and is expected to be immediately accretive.
Bowman anticipates the acquisition will initially contribute ~$7 million of annualized net service billing.
The company held cash and equivalents of $14.33 million as of March 31, 2023.
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Price Action: BWMN shares are trading higher by 1.20% at $27.93 on the last check Wednesday.