Bowman Consulting Acquires Engineering Services Firm Hole Montes For Undisclosed Sum

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  • 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.
  • Also ReadBowman Consulting Acquires Professional Services Firm Fisher Engineering; Expects Deal To Be Immediately Accretive
  • Price Action: BWMN shares are trading higher by 1.20% at $27.93 on the last check Wednesday.
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