Benzinga | Oct 1, 2021 03:16PM EDT

Bowman Consulting Acquires Triangle Site Design, No Terms Disclosed

* Bowman Consulting Group Ltd (NASDAQ:BWMN) has acquired the assets of Triangle Site Design, headquartered in Raleigh, NC. Triangle, led by its founder Matt Lowder, for an undisclosed sum.

* Triangle Site Design is a seasoned civil consulting and engineering firm specializing in land planning and development design.

* This acquisition aligns with Bowman Consulting's strategic initiatives for growth and expansion.

* The acquisition will initially contribute ~$2 million of annual net service billing and be immediately accretive, was financed with a combination of cash, seller financing, and stock.

* "We're pleased to be executing on our acquisition plans and deploying capital we raised in our IPO. This is the first of several similarly-sized acquisitions in our pipeline that we expect to close prior to our upcoming third-quarter earnings call in November. We look forward to providing more details on our M&A activities at that time," commented Labovitz, Bowman's CFO.

* Bowman Consulting held cash and equivalents of $38.55 million as of June 30, 2021.

* Price Action: BWMN shares are trading lower by 0.11% at $13.74 on the last check Friday.