Bowman Consulting Bolsters Presence In Nevada Via Acquisition Of Engineering Firm CFA

Bowman Consulting Group Ltd BWMN said it has acquired CFA, Inc. (CFA), which provides civil engineering, planning, surveying, mapping, and remote sensing for public and private customers.

Bowman Consulting expects the deal to be immediately accretive. Financial details of the transaction were not disclosed.

CFA works on projects involving public works and utility infrastructure, traffic and transportation management, data centers, healthcare facilities, educational institutions, hospitality venues, and recreational complexes.

The firm's staff of approximately 30 professionals includes licensed surveyors, professional engineers, a certified planner, certified survey technicians, and FAA Part 107 certified UAS pilots. All CFA employees will join Bowman in connection with the acquisition.

Chairman and CEO Gary Bowman said, "This acquisition strengthens our presence in Nevada and provides a solid base from which to continue expansion throughout the state and beyond."

The deal is expected to be financed with a combination of cash, seller notes and equity.

The company anticipates the acquisition will initially operate at an annualized net service billing run rate of approximately $5 million. 

Bowman held $14.4 million in cash and equivalents as of September 30, 2023.

Price Action: BWMN shares traded lower by 1.3% at $28.68 on the last check Friday.

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