Business
Bowman Consulting Group Enters Southern California Through Acquisition of San Diego Firm Project Design Consultants
RESTON, Va.--(BUSINESS WIRE)-- Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the purchase of Project Design
About this update from Bowman Consulting Group Ltd.
[{"type":"text","content":" RESTON, Va.--(BUSINESS WIRE)--\nBowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the purchase of Project Design Consultants (“PDC”). Founded in 1976 and headquartered in San Diego, California, PDC and its 65 employees provides civil engineering, surveying, planning and landscape architecture to a variety of public and private clients throughout Southern California. Under the leadership of Greg Shields, the company’s CEO, PDC provides engineering services that manage change and add value to infrastructure projects involving public works for municipal agencies, utility service providers, urban and suburban mixed-use developers, hospitality and entertainment venue owners, and commercial and healthcare facility operators.\n\n“PDC presents a compelling opportunity for Bowman to advance our market expansion and service diversification initiatives,” said Gary Bowman, CEO of Bowman. “California is a new frontier for us, and we are fortunate that Greg and the PDC management team will be leading the effort. The team of professionals at PDC will fit right into the Bowman organization and we will immediately support each other and maximize our collective utilization. PDC’s well respected and long-standing market presence will add both depth and breadth to our mix of business and will promote our strategic initiative to expand our base of revenue both into Southern California and with key public sector and utility clients.”\n\n“Bowman’s business model aligns well with ours and we are excited to be a part of the Bowman family,” said Greg Shields, CEO of PDC. “Our team has built a unique operation over our nearly fifty-year history, and this business combination will facilitate the acceleration of our growth and create new opportunities for our team. We are grateful for the opportunity to lead Bowman’s entrance into Southern California and look forward to expanding our reach over time. Culture was a very important criteria for us in this process and we are confident that we have found the right fit.”\n\nThe Company expects the PDC acquisition to initially contribute approximately $14 million of annualized net service billing and be immediately accretive. Structured as a stock purchase with a joint election under Section 338(h)(10) of the Internal Revenue Code, the acquisition was financed with a combina...