Bowman Consulting Group Ltd. (NASDAQ: BWMN) has announced a definitive agreement to acquire Exeltech Consulting, Inc., a firm based in Lacey, Washington. Exeltech specializes in bridge design, transportation planning, environmental compliance, civil engineering, landscape architecture, permitting, and construction management, serving clients across the Pacific Northwest from offices in Washington, Oregon, and Montana.
“Exeltech complements Bowman both in services and geographic reach,” said Gary Bowman, chairman and CEO. “Their expertise in structural bridge design and transportation infrastructure enhances our growing national practices in transportation and ports. This acquisition will strengthen our presence in the Pacific Northwest and create valuable revenue synergies, as we’ve already begun collaborating on projects.”
Santosh Kuruvilla, president of Exeltech, expressed enthusiasm for the merger, stating, “We have steadily grown Exeltech and are now looking to extend our reach nationally. Joining Bowman allows us to align with a rapidly expanding firm committed to areas where we excel, enabling us to contribute significantly to this effort.”
Exeltech’s structural engineering team brings substantial experience in designing and assessing various structures, including bridges, tunnels, retaining walls, and both new and historic buildings. The civil engineering team handles diverse projects like roadways, parks, airports, and marine facilities, while the environmental sciences team focuses on cost-effective designs that meet regulatory and sustainability standards.
The acquisition will be financed through cash, seller term notes, and a convertible note. Bowman anticipates that Exeltech will contribute approximately $7 million in annualized net service billing and will be immediately accretive. The closing of the transaction is expected on or after November 5, 2024, subject to customary conditions.
Morrissey Goodale advised Exeltech on the transaction.
About Exeltech Consulting, Inc.
Founded in 1989 and subsequently purchased in 1998 by Santosh Kuruvilla, PE, SE, PMP, Exeltech works with state, federal, and local agencies, consultant teams, and private clients. The firm provides design, planning, permitting, and construction management services relating to bridges, roads, transit facilities, waterfront developments, buildings, landscape architecture, site developments and storm drainage and utility systems. Over its nearly 40-year history, the firm has transformed from a bridge engineering firm into a multidisciplinary consulting company providing planning, permitting, design, and construction management for clients’ building, site development, and transportation projects. For more information on Exeltech, their projects, and their services, visit www.xltech.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a national engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 2,200 employees and more than 95 offices throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, 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.
