Bowman Consulting Group Ltd., (NASDAQ: BWMN), acquired MTX Surveying, Inc., a geospatial, land survey and project management company based in Marshall, Texas.
The amount of the deal was not disclosed.
Founded by Shane Nafe and Austin Holland in 2016, MTX provides full-service consulting, project management, surveying, mapping, and permitting services for clients working in oil and gas, energy and renewables, utility services, and land development. The firm has grown rapidly to a workforce of over 60 accredited professionals, technicians, and support staff serving clients in Texas, Louisiana, and New Mexico.
The MTX staff will all become Bowman employees in connection with the acquisition.
Led by Gary Bowman, CEO, Bowman is a Reston, Virginia-based engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 1,700 employees and more than 75 offices throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets.
Financed with a combination of cash, seller notes, and equity, the acquisition is expected to be immediately accretive. The company anticipates the acquisition will initially contribute approximately $9 million of annualized net service billing.
FinSMEs
05/06/2023