Bowman Consulting Group expands into marine engineering
Bowman Consulting Group Ltd (Bowman) (NASDAQ: BWMN), today announced the purchase of Anchor Consultants LLC (“Anchor”). Based in Chadds Ford, Pennsylvania, Anchor specializes in the planning, inspection, design, environmental permitting, dredge engineering and construction management of shoreline infrastructure along coastal and inland waterways in across North America. Under the leadership of Ahmad Nadeem, PE, the company’s founder, Anchor’s experience spans from industrial ports and harbors to waterfront urban development. Industrially, Anchor serves the handling facilities of bulk materials and containerized freight. On the urban side, Anchor serves commercial and mixed-use waterfront developments, ferry terminals and recreational docks. Anchor has also worked on military port facilities and cruise ship terminals.
“The acquisition of Anchor strengthens our diversification initiative by expanding our customer base that builds and maintains critical infrastructure,” said Gary Bowman, CEO of Bowman. “Ports and harbors are an essential part of the nation’s infrastructure and Anchor provides us with a solid platform from which to build our presence and market share in this growing space. Ahmad has built a large team of experienced marine engineers serving an impressive list of clients with a wide range of services. Their expertise in waterfront planning, design and engineering will enable us to provide these services to many of our current clients and gain immediate cross-selling opportunities for our account managers. »
“Bowman’s vision for expanding Anchor’s business was extremely compelling to us,” said Ahmad Nadeem, Founder of Anchor. “Being part of a larger organization with more resources and a national footprint will undoubtedly facilitate accelerated growth for us. The Bowman culture aligns with what we’ve worked so hard to build here at Anchor and that was a major factor in our decision to join them. We are grateful for the trust Gary and his team have placed in us to build Bowman’s Harbors and Harbors and Waterfront Engineering Practice.
The company expects the acquisition of Anchor to initially contribute approximately $2.5 million in annualized net billings for services and be immediately accretive. The transaction was financed with a combination of cash and notes, including an unsecured put note and a convertible put note with a conversion option of $18.00 per share.
“Anchor is our fifth acquisition of 2022, bringing the total annualized net revenue we acquired this year to just under $50 million,” said Bruce Labovitz, chief financial officer of Bowman. “The acquisition of Anchor, which proceeded well within our multiple target range, meets all targets for operating metrics, revenue synergy and cross-selling opportunities. As usual, we will provide more detailed information on M&A activity, pipeline and guidance as part of our scheduled quarterly communications.
The products and services described in this press release are not endorsed by The Maritime Executive.