Bowman Consulting Group Ltd. (the “Company” or “Bowman”)
(NASDAQ: BWMN), a national engineering services firm delivering
infrastructure design solutions to customers who own, develop, and
maintain the built environment, today announced the acquisition of
Redmond, Washington based FCS Group (“FCS”). FCS is a professional
services firm focused on addressing the financial, management and
economic challenges facing public sector entities including
utilities, state and local governments, regional agencies and
public safety organizations. Led by current President and Principal
John Ghilarducci, FCS specializes in utility rate and fee advisory
services along with utility management, financial and economic
planning and infrastructure funding consulting.
FCS consults for a variety of clients, including government
agencies in urban and suburban areas, rural utility systems,
municipal authorities in regions with seasonal or climate
sensitivities and communities with special commercial and
industrial needs. Given the firm’s particular expertise and
experience in utility rate policy and practice, FCS client
assignments often range from defining revenue requirements and
building comprehensive financial assessment tools to developing
long-term capital funding strategies and full cost-of-service rate
analyses in support of infrastructure investment and programmatic
initiatives for a variety of water-related, energy, solid waste and
other services. With a staff of 35 technical, management and
financial professionals throughout the western United States,
including Washington, Oregon and Colorado, FCS has delivered
high-quality, cost-effective consulting services in over 4,000
engagements to more than 650 public and quasi-public clients since
its founding in 1988.
“FCS immediately expands our reach and our resume within the
utility, government and sustainability markets,” said Gary Bowman,
chairman and CEO of Bowman. “This acquisition, while not a typical
engineering firm, presents a unique opportunity both to accelerate
our penetration of the utility and renewables markets and to expand
the breadth of services we can offer our existing portfolio of
traditional utility and energy transition clients. FCS also brings
to Bowman a substantial history of successful public sector
engagements. I am confident that the combination of our combined
utility services experiences and long-standing client relationships
will deliver meaningful revenue synergies as we integrate our
organizations. I am excited to have John and the entire FCS team
become part of Bowman.”
“FCS has a proud history and unparalleled reputation within the
utility and public sector markets of the northwest,” said John
Ghilarducci, president of FCS. “As part of Bowman, we will be able
to expand our reach beyond our established markets and secure new
client engagements. I am confident that many of our existing
clients will now welcome the opportunity to expand their
relationships with us to consider Bowman’s unique offerings.
Likewise, I am confident we can grow Bowman’s existing utility
portfolio.”
Financed with a combination of cash, seller notes and equity,
the acquisition falls within previously discussed target multiples
and operating metric ranges. The Company anticipates the
acquisition will initially contribute at an annualized net service
billing run rate of approximately $7.0 million and be immediately
accretive. More detailed information on M&A activities,
pipeline and guidance updates are provided in connection with
scheduled quarterly and annual communications.
About FCS Group
FCS Group, established in 1988, provides solutions to
effectively address financial, management and economic challenges
faced by public sector clients. The FCS management team includes
professionals with backgrounds in public administration,
management, finance, accounting, economics and engineering
disciplines. These analytically focused perspectives equip the firm
to address government finance, management, economic and operational
challenges while maintaining fixed attention on organizational
sensitivities, policy drivers and stakeholder priorities. FCS has
delivered high-quality, cost-effective consulting services in over
4,000 engagements and served more than 650 clients with a staff of
35 professionals throughout the western United States from
locations in Redmond, Washington, Lake Oswego, Oregon and Boulder,
Colorado. For more information on FCS Group, their projects and
their services, visit www.fcsgroup.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a national
engineering services firm delivering infrastructure solutions to
customers who own, develop, and maintain the built environment.
With over 2,200 employees and more than 90 offices throughout the
United States, Bowman provides a variety of planning, engineering,
geospatial, construction management, commissioning, environmental
consulting, land procurement, and other technical services to
customers operating in a diverse set of regulated end markets.
Bowman trades on the Nasdaq under the symbol BWMN. For more
information, visit bowman.com or investors.bowman.com.
Forward-Looking Statements
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. All statements
contained in this press release other than statements of historical
fact, including statements regarding our future results of
operations and financial position, business strategy and plans and
objectives for future operations, are forward-looking statements
and represent our views as of the date of this press release. The
words “anticipate”, “believe”, “continue”, “estimate”, “expect”,
“intend”, “may”, “will”, “goal” and similar expressions are
intended to identify forward-looking statements. We have based
these forward-looking statements on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy, short-term and long-term business operations and
objectives and financial needs. These forward-looking statements
are subject to several assumptions and risks and uncertainties,
many of which involve factors or circumstances that are beyond our
control that could affect our financial results. 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. Considering these risks, uncertainties and assumptions,
the future events and trends discussed in this press release may
not occur and actual results could differ materially and adversely
from those anticipated or implied in any forward-looking
statements. Except as required by law, we are under no obligation
to update these forward-looking statements after the date of this
press release, or to update the reasons if actual results differ
materially from those anticipated in the forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240717075610/en/
General Media Contact: Christina Nichols
cnichols@bowman.com
Investor Relations Contacts: Bruce Labovitz ir@bowman.com
Betsy Patterson ir@bowman.com
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