Bowman Consulting Group acquires Pa. firm for $18M
Acquisition is Bowman's second in 2022
Reston-based Bowman Consulting Group Ltd. has closed its $18.5 million acquisition of Pennsylvania-based transportation engineering and planning firm McMahon Associates Inc., the company announced May 5.
The sale was financed through a combination of cash, seller notes and common stock, Bowman spokesperson Carolyn Artman said.
McMahon focuses on transportation projects and has more than 200 employees in 15 offices located throughout the East Coast.
“McMahon is well respected throughout the transportation field and will be an outstanding addition to our firm,” Bowman CEO Gary Bowman said in a news release. “Their leadership and team of consummate professionals bring tremendous value to our staff, our clients and our shareholders. As we have gotten to know McMahon’s business, we have become highly confident that this complementary combination will have a long-term positive impact that will be much greater than the sum of the parts.”
The McMahon deal marks the ninth engineering firm acquisition by Bowman since its initial public offering in May 2021.
“This is our second acquisition in 2022 and is a significant step toward our stated goal of acquiring $75 million of annualized net revenue this year,” Bowman Chief Financial Officer Bruce Labovitz said. “The addition of McMahon nearly triples our transportation infrastructure business, which will, over time, meaningfully impact our composition of revenue by market.”
Joining with Bowman gives McMahon “access to new resources and technologies that allow for an even greater investment in the delivery of innovative transportation solutions to our clients, while continuing to offer the same personal attention and trusted relationships our clients have come to expect from us,” McMahon President and CEO Joseph DeSantis said.
Bowman employs more than 1,100 people and has more than 45 offices throughout the U.S.