Bowman Consulting to Acquire Civil Engineering Firm Exeltech

Dow Jones

2024-11-01

By Connor Hart

Bowman Consulting Group will acquire Exeltech Consulting, adding a civil engineering firm to its portfolio.

A purchase price wasn't disclosed, but the engineering solutions company said Thursday that the deal will be financed through a combination of cash and sell term notes, in addition to a convertible note with a conversion strike price of $32.32 a share.

Bowman expects the acquisition to initially operate at an annualized net service billing run rate of about $7 million and be immediately accretive.

The purchase is expected to close on or after Tuesday, subject to customary conditions.

Lacey, Wash.-based Exeltech specializes in areas including bridge design, transportation planning, environmental compliance and landscape architecture. It primarily serves clients throughout the Pacific Northwest from offices in Washington, Oregon and Montana.

Bowman Chief Executive Gary Bowman said Exeltech complements the company from both a services and geographic footprint perspective.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

October 31, 2024 16:52 ET (20:52 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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