National engineering services firm Bowman Consulting Group Ltd. (NASDAQ: BWMN) acquired Element Engineering LLC, a civil, water and wastewater engineering firm based in Lakewood. This addition is expected to enhance Bowman’s existing water-wastewater practice and expand its Colorado presence.
Element Engineering primarily caters to rural communities and specialty districts in the Rocky Mountain West and Midwest.
“Element adds additional depth to our growing national water-wastewater practice and extends our presence throughout Colorado,” Gary Bowman, chairman and CEO of Bowman, said. He added, “I am confident this will be a successful combination of cultures, customers and opportunities.”
Nicholaus Marcotte, founder and president of Element, expressed excitement about the acquisition. “With Bowman, we will be able to continue our commitment to underserved customers but with a bigger set of resources and a deeper suite of services. We will also be exposed to a broader assortment of local and non-local projects which is an exciting prospect for everyone at Element.”
The transaction was financed through a blend of cash, seller notes and equity, and is expected to be immediately accretive, with an estimated contribution of approximately $4 million from an annualized net service billing run rate. Further details regarding merger and acquisition activities and guidance updates will be shared in the company’s routine quarterly and annual communications.
Element Engineering, founded by Nicholaus Marcotte in 2014, specializes in water and wastewater treatment design, permitting, planning, funding and enforcement orders assistance, among others. Bowman Consulting Group, headquartered in Reston, Virginia, is a comprehensive solution provider in planning, engineering, geospatial, construction management and environmental consulting.
Source: Press Release