Benzinga | Oct 11, 2021 08:53AM EDT

Bowman Consulting Acquires PCD Engineering For Undisclosed Sum

* Bowman Consulting Group Ltd (NASDAQ:BWMN) has acquired the assets of PCD Engineering, Inc., a building services engineering and M/E/P firm based in Denver, Colorado. Financial terms were not disclosed.

* PCD delivers various building-related services, including M/E/P engineering, building envelope testing, sustainable design, integrated green building solutions, commissioning and retro-commissioning, energy audits, mechanical acoustics consulting, and forensic engineering.

* "Earlier this year, we acquired KTA Group, a Washington DC area-based M/E/P firm, and PCD is an ideal next step in our strategy of developing a national building services practice," commented CEO Gary Bowman.

* Bowman Consulting financed the deal with a combination of cash, seller financing, and stock. It held cash and equivalents of $38.55 million as of June 30, 2021.

* The company expects the transaction to initially contribute ~$2.5 million of annual net service billing and be immediately accretive.

* Price Action: BWMN shares closed higher by 1.50% at $13.88 on Friday.