Bowman Consulting Buys BTM Engineering For Undisclosed Sum

Bowman Consulting Group Ltd BWMN has acquired the assets of BTM Engineering, Inc., a diversified professional services firm based in Louisville, Kentucky. Financial terms were not disclosed.
BTM offers various services, including civil and structural engineering, planning, land survey, 3-D scanning, landscape architecture, and cellular infrastructure design.
The company expects the acquisition to initially contribute ~$3 million of annual net service billing and be immediately accretive.
Bowman Consulting financed the deal with a combination of cash, seller financing, and stock. It held cash and equivalents of $38.55 million as of June 30, 2021.
The company expects to close the acquisition prior to its upcoming third-quarter earnings call in November.
"The economics of this acquisition are attractive relative to our communicated goals and objectives for M&A," Bruce Labovitz, Bowman's CFO.
Price Action: BWMN shares are trading higher by 0.07% at $14.01 on the last check Friday.