Bowman Consulting to acquire Excellence Engineering, terms undisclosed

Bowman Consulting announced it had entered into a definitive purchase agreement to acquire Tulsa, Oklahoma based Excellence Engineering. The firm’s staff of professionals will become Bowman employees in connection with the acquisition. Closing is expected to occur in early October, subject to usual and customary closing conditions. Financed with a combination of cash, seller notes, and equity, the acquisition falls within previously discussed target multiple and operating metric ranges and is expected to be immediately accretive. The company anticipates the acquisition will initially operate at an annualized net service billing run rate of approximately $4M. More detailed information on M&A activities, pipeline, and guidance updates are provided in connection with scheduled quarterly and annual communications.