Bowman Consulting (BWMN) announced it has entered into a definitive purchase agreement to acquire UP Engineering, a San Antonio, Texas-based firm specializing in civil engineering and surveying services. UP serves clients throughout Texas with a focus on oil and gas, industrial, commercial and residential projects. Financed with a combination of cash, seller notes and a convertible note, the acquisition conforms with previously discussed target multiples and operating metrics. Bowman anticipates the acquisition will initially operate at an annualized net service billing run rate of approximately $3M and be immediately accretive. Bowman will release fourth quarter and full-year 2024 results after the stock market closes on Tuesday, March 11.
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