Benzinga | Jan 24, 2022 03:02PM EST

Bowman Expands Arizona Operations Via Perry Engineering Acquisition

* Bowman Consulting Group Ltd (NASDAQ:BWMN) has agreed to acquire Perry Engineering LLC for undisclosed financial terms.

* Arizona-based Perry delivers civil engineering consulting and land surveying for residential, commercial, industrial, education, and healthcare-related projects. The company serves both public and private sector clients throughout the Tucson area.

* Bowman Consulting expects the acquisition to be immediately accretive and to initially contribute ~$1.5 million of annualized net service billing.

* Perry's founder and CEO Ken Perry will join Bowman's Tucson operation focused on land planning, survey, and mining engineering.

* Bowman Consulting financed the deal with a combination of cash, seller financing, and stock. It held cash and equivalents of $38.75 million as of September 30, 2021.

* The company expects to close the deal on February 2, 2022.

* Price Action: BWMN shares traded lower by 3.29% at $19.42 on the last check Monday.