Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the purchase of Fabre Engineering, Inc. (“Fabre”). Founded in 1981 and headquartered in Pensacola, Florida, Fabre provides comprehensive civil engineering and land surveying to a variety of public and private clients in Florida, Alabama, and Mississippi. Under the leadership of Frank Fabre, the company’s founder, Fabre specializes in water, stormwater and wastewater solutions, airports, land use planning for private developers and municipal agencies, and broad-based geomatics and land surveying services.
“Frank and the extended Fabre team have a long history in the Gulf Coast,” said Gary Bowman, CEO of Bowman. “Our southeast region will no doubt benefit from the addition of Fabre’s skilled workforce and diverse base of clients. We are all excited to welcome Fabre’s team of experienced professionals to Bowman and look forward to the cross-selling, service line augmentation and collaboration opportunities that will result from this acquisition.”
“There’s a significant amount of synergy between Fabre and Bowman,” said Frank Fabre, founder, and President of Fabre. “We are looking forward to joining with an organization that shares our work ethic and commitment to quality. I am confident that we have found the right fit for our people and our clients and I believe that our team will be able to contribute meaningfully to Bowman’s growth along the Gulf Coast and throughout the greater southeast.”
The acquisition, which the Company expects to be immediately accretive, was financed with a combination of cash and seller financing. The Company expects the Fabre acquisition to initially contribute approximately $1.5 million of annualized net service billing.
“Fabre is another exciting acquisition that is aligned with our long-term strategic growth initiative,” said Bruce Labovitz, Bowman’s CFO. “The Fabre acquisition was closed at a favorable multiple relative to our stated range and it meets all objectives for operating metrics. As is our practice, we will provide more detailed information on M&A activities, pipeline, and guidance in connection with our scheduled quarterly communications.”
About Fabre Engineering, Inc.
Fabre Engineering, Inc. (“Fabre”) was founded in 1981 by Frank Fabre and has been providing clients with civil and environmental engineering and land surveying services for over thirty years. Fabre’s clients include counties, cities, water and wastewater utilities, land developers, engineers, architects, school districts, the Department of Defense, industries, and other governmental agencies. Fabre’s professional engineering and surveying specialists use expert knowledge and state of the art technology to meet every challenge encountered. Fabre’s solutions are cost-efficient, tested, proven, and sustainable; and delivered with professional and friendly customer service. Fabre does business as Fabre Engineering & Surveying in Florida and Alabama and as Fabre-Tant Engineering & Surveying in Mississippi. Additional information on Fabre, its team, and its projects can be found at fabreinc.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 1,400 employees and more than 60 offices throughout the United Sates, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit www.bowman.com or investors.bowman.com.
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, “goal” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs, These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipates or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
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