Bowman Acquires Phoenix-Based Hess-Rountree, Inc.; Company Anticipates The Acquisition Will Initially Operate At An Annualized Net Service Billing Run Rate Of ~$3M
Portfolio Pulse from Benzinga Newsdesk
Bowman Consulting Group Ltd. (BWMN) has acquired Hess-Rountree, Inc., a Phoenix-based full-service engineering firm. The acquisition is expected to operate at an annualized net service billing run rate of approximately $3 million. Hess-Rountree specializes in civil engineering, land surveying, and other services, with a focus on renewable energy and educational facilities. The acquisition, financed with cash, seller notes, and equity, aligns with Bowman's strategic growth objectives and is expected to be immediately accretive.
December 12, 2023 | 1:10 pm
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Bowman Consulting Group's acquisition of Hess-Rountree is expected to enhance its service offerings in Arizona, particularly in renewable energy and educational facilities, with an anticipated $3M annualized net service billing run rate.
The acquisition of Hess-Rountree by Bowman is likely to have a positive short-term impact on BWMN's stock price. The deal is expected to be immediately accretive, indicating a positive financial impact. The addition of Hess-Rountree's expertise and client base in Arizona, especially in the growing renewable energy sector, is likely to be viewed favorably by investors. The financial terms suggest a prudent use of resources, with the deal financed through a mix of cash, seller notes, and equity, which may reassure investors about the company's financial management.
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