Bowman Consulting Buys Excellence Engineering - What's On the Cards?

Bowman Consulting Group Ltd BWMN penned a deal to acquire Tulsa, Oklahoma-based Excellence Engineering, LLC, for an undisclosed amount.

Excellence Engineering, built by the current president and CEO Deyona "Dee" Hays, is a full-service provider of engineering, procurement, project management, and automation services to clients across industrial, electric vehicle, petrochemical, and hydrogen industries.

The acquisition is expected to close in early October, subject to customary closing conditions.

The buyout of this petrochemical industry expert company is financed with a combination of cash, seller notes, and equity.

The company expects the transaction to be immediately accretive and projects to have an initial annualized net service billing run rate of about $4.0 million. 

"Dee has built an extremely dynamic and successful business serving an impressive list of oil and gas, industrial, and sustainable energy production clients along with clients involved in the rollout of electric vehicle charging infrastructure. In addition to being a licensed professional engineer, Dee is a highly accomplished and recognized leader in her field. Excellence's suite of services and industry focus align with our strategic growth initiatives, and I could not be happier to welcome their team to Bowman. We are excited about the synergies that this acquisition presents," said Gary Bowman, chairman and CEO of Bowman. 

As of June 30, 2023, BWMN held cash and cash equivalents of $9.746 million. 

Also Read: Bowman Consulting Acquires MTX Surveying For Undisclosed Sum, Expanding Energy-Oriented Services

Yesterday, BWMN won a multi-year, on-call engineering services contract from Canadian National Railway Co CNI for offering as-needed engineering and design work at various locations across the U.S.

Price Action: BWMN shares closed higher by 2.16% at $27.93 on Thursday.