Bowman Consulting purchases Exeltech in ‘immediately accretive’ deal

Bowman Consulting (BWMN) Group announced it has entered into a definitive purchase agreement to acquire Exeltech Consulting based in Lacey, Washington. Exeltech specializes in bridge design, transportation planning, environmental compliance, civil engineering, landscape architecture, permitting and construction management for owners and operators of transportation infrastructure, transit facilities, ports and harbors, waterfront developments, building structures, and storm drainage and utility systems. Financed with a combination of cash, seller term notes, and a convertible note with a conversion strike price of $32.32 per share, the acquisition conforms with previously discussed target multiples and operating metrics. Bowman anticipates the acquisition will initially operate at an annualized net service billing run rate of approximately $7M and be immediately accretive. Closing is subject to certain usual and customary conditions which the Company expects to be met on or after November 5, 2024. More detailed information on M&A activities, pipeline, and guidance updates are provided in connection with scheduled quarterly and annual communications. Morrissey Goodale, a specialized management consulting and research firm exclusively serving the architecture, engineering, and environmental consulting industries, initiated the transaction and advised Exeltech.