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RESTON, Va., August 03, 2021--(BUSINESS WIRE)--Bowman Consulting Group Ltd. (the "Company" or "Bowman") (NASDAQ: BWMN), today announced the acquisition of the assets of McFarland-Dyer & Associates ("MDA") headquartered in the greater Atlanta area. Founded in 1995, McFarland-Dyer & Associates delivers civil engineering, land planning, land surveying, and landscape architecture services to public and private sector clients throughout the Southeast.
"We are excited and happy to welcome all of the MDA employees and clients to Bowman," said Gary Bowman, chairman and CEO of Bowman. "McFarland-Dyer brings a strong market reputation and I look forward both to expanding our presence in the Atlanta market and to extending McFarland-Dyer’s surveying, landscape architecture, site planning and civil engineering services to our customers throughout the Southeast."
"The economics of this acquisition are in line with our strategy, and I am confident in our ability to generate beneficial revenue synergies together," added Bowman. "In keeping with our goal of delivering reasonably priced growth and enhanced shareholder value, this is the first of what we expect to be many acquisitions we make as a public company. We are actively pursuing numerous opportunities to invest the proceeds from our recent $52 million initial public offering and expect to close on additional acquisitions this year."
"Bowman offers us an exciting opportunity to effect an orderly ownership transition and become part of a dynamic and growing organization," said Phyllis Lamme, President of MDA. "The leadership of Bowman has demonstrated their commitment to empowering the staff of acquired firms by enabling them to thrive, grow and develop professionally within a culture that promotes those same values that we have held since our founding. We are excited about joining Bowman."
The acquisition, which was financed with a combination of cash, seller financing and stock, is initially expected to add a base of approximately $4 million of annualized net service billing to Bowman and be immediately accretive. The Company will discuss the economics and financial impact of the transaction in more detail during its investor webcast on August 12, 2021, at 9:00 a.m. ET.
About McFarland-Dyer & Associates
Founded in 1995, McFarland-Dyer & Associates delivers civil engineering, land planning, land surveying, and landscape architecture services to public and private sector clients throughout the Southeast, with a focus on the metropolitan Atlanta area. Public work has included schools, libraries, fire stations, city halls, streetscapes, parks, playfields and sports facilities. Private projects have included residential subdivisions, multi-family developments, hotels, commercial centers and amenity areas with swimming and tennis facilities. More information on MDA can also be found at www.gomda.net.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With 800 employees and more than 30 offices throughout the United Sates, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. On May 11, 2021, Bowman completed its $51.7 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit www.bowman.com.
This press release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the "Risk Factors" set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
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