Bowman Consulting Acquires South Carolina Firm Dennis Corporation, Boosting Its Civil Infrastructure Offerings

Engineering services firm Bowman Consulting Group Ltd BWMN has acquired Dennis Corporation, a civil engineering, surveying and construction management firm headquartered in Columbia, South Carolina. The financial details of the acquisition were not disclosed.

Established in 2005 by current CEO Dan Dennis, the firm specializes in delivering general civil infrastructure planning and design, program and construction management and oversight.

Dennis also provides environmental and geotechnical services for traffic and transportation, intelligent transportation systems (ITS), aviation, water resources and public sector facilities.

All 40 technical and administrative professionals of Dennis will become Bowman employees in connection with the acquisition.

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Financed with a combination of cash, seller notes and equity, the acquisition falls within previously discussed target multiple and operating metric ranges and is expected to be immediately accretive. The company anticipates the acquisition will initially operate at an annualized net service billing run rate of approximately $4.5 million.

"Their focus on transportation, construction management and surveying complement recent acquisitions we've made, and their geographic footprint introduces us to an attractive growth market in a familiar region," said chairman and CEO Gary Bowman.

Bowman held $9.7 million in cash and equivalents as of June 30, 2023.

Price Action: BWMN shares traded higher by 0.28% at $27.20 on the last check Friday.