Benzinga | Oct 15, 2021 11:09AM EDT

Bowman Consulting Buys BTM Engineering For Undisclosed Sum

* Bowman Consulting Group Ltd (NASDAQ:BWMN) has acquired the assets of BTM Engineering, Inc., a diversified professional services firm based in Louisville, Kentucky. Financial terms were not disclosed.

* BTM offers various services, including civil and structural engineering, planning, land survey, 3-D scanning, landscape architecture, and cellular infrastructure design.

* The company expects the acquisition to initially contribute ~$3 million of annual net service billing and be immediately accretive.

* 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 to close the acquisition prior to its upcoming third-quarter earnings call in November.

* "The economics of this acquisition are attractive relative to our communicated goals and objectives for M&A," Bruce Labovitz, Bowman's CFO.

* Price Action: BWMN shares are trading higher by 0.07% at $14.01 on the last check Friday.