Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), announced the purchase of SEI Engineering, LLC (“SEIE”). Headquartered in Paonia, Colorado and operating as SEI Professional Services, the company provides a full array of technical services to developers and owners of utility and commercial scale solar energy facilities. The SEIE team is made up of many of the solar industry’s top photovoltaic (PV) and battery storage system designers, engineers, and technicians.
“Our renewable energy business is growing at a rapid rate and the acquisition of SEIE will serve to further accelerate that growth,” said Gary Bowman, CEO of Bowman. “Planning, engineering, and commissioning related to energy transition is a primary focus of our growth strategy and is central to our acquisition program. The leadership team at SEIE is extraordinarily knowledgeable and highly respected as experts throughout the solar industry. They were especially attracted to our growth culture and are looking forward to the advancement opportunities that a larger organization can provide. They will integrate quickly into our operation, and we are highly confident that this move will result in significant cross-selling and revenue synergies. I’m looking forward to the opportunities this acquisition will present to advance our penetration into the growing market for alternative energy engineering services.”
“Bowman’s vision for expanding SEIE's reach and providing deep support for our operations is what initially made us want to join them, Getting to know the culture of the company, hearing their vision for growth, and understanding their commitment to the energy transition market further enhanced our interest in becoming part of Bowman. The solar energy market is expanding much faster than we could possibly capitalize on alone. By joining Bowman, our opportunities for growth and continuing to be the premiere engineering group for solar and storage projects will only be strengthened.”
-Jeff Ruppert, P.E., CEO of SEIE.
The Company expects the SEI acquisition to initially contribute approximately $1.5 million of annualized net service billing and be immediately accretive. The acquisition was financed with a combination of cash and seller notes.
“The SEIE acquisition was transacted well within our target multiple range and conforms with our objectives for operating metrics, revenue synergy, cross-selling opportunities and growth potential,” said Bruce Labovitz, Bowman’s CFO. “As is our practice, we will provide more detailed information on M&A activities, pipeline, and guidance in connection with scheduled quarterly communications.”
About SEI Engineering
SEI Engineering, LLC (SEIE) was founded by a group from Solar Energy International, the global leader in PV training and education. SEIE clients are assured their projects will be executed with the foremost quality and expertise. Consulting and design services include civil, structural, and electrical engineering, feasibility study services, production modeling, design consulting, and on-site quality assurance inspections. For more information on SEIE, their projects, and services, visit SEI Professional Services.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 1,700 employees and more than 65 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.