Bowman Consulting Acquires Triangle Site Design, No Terms Disclosed

Bowman Consulting Group Ltd BWMN has acquired the assets of Triangle Site Design, headquartered in Raleigh, NC. Triangle, led by its founder Matt Lowder, for an undisclosed sum.
Triangle Site Design is a seasoned civil consulting and engineering firm specializing in land planning and development design.
This acquisition aligns with Bowman Consulting's strategic initiatives for growth and expansion.
The acquisition will initially contribute ~$2 million of annual net service billing and be immediately accretive, was financed with a combination of cash, seller financing, and stock.
"We're pleased to be executing on our acquisition plans and deploying capital we raised in our IPO. This is the first of several similarly-sized acquisitions in our pipeline that we expect to close prior to our upcoming third-quarter earnings call in November. We look forward to providing more details on our M&A activities at that time," commented Labovitz, Bowman's CFO.
Bowman Consulting held cash and equivalents of $38.55 million as of June 30, 2021.
Price Action: BWMN shares are trading lower by 0.11% at $13.74 on the last check Friday.