BWMN - Bowman sees acquisition of San Diego-based design firm to be immediately accretive
- Bowman Consulting Group ( NASDAQ: BWMN ) announced Monday the acquisition of Project Design Consultants, a firm based in San Diego, California.
- Project Design Consultants (PDC) was founded in 1976 and provides civil engineering, surveying, planning and landscape architecture to public and private clients throughout Southern California.
- Synergy : Bowman said it expects the PDC acquisition to initially contribute approximately $14 million of annualized net service billing and be immediately accretive.
- "California is a new frontier for us, and we are fortunate that Greg (PDC CEO) 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," said Gary Bowman, CEO of Bowman.
- Financial terms of the transaction were not disclosed. Bowman just said the acquisition was financed with a combination of cash and notes including one unsecured seller note and one convertible note with a $14 conversion option price.
- Earlier : Bowman Consulting gets $15.9M engineering services contract for I-294 widening
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Bowman sees acquisition of San Diego-based design firm to be "immediately accretive"