Bowman Acquires Texas Civil Engineering Firm Terra Associates.
MANews-(C)2009-2021
US-based engineering services firm Bowman Consulting Group Ltd (NASDAQ: BWMN) has entered into a definitive purchase agreement for the acquisition of Texas, US-based civil design and engineering solutions provider Terra Associates, Inc, the group said.
Closing is scheduled to occur on December 31, 2021, subject to customary closing conditions. Headquartered in Houston, Texas, Terra delivers civil design and engineering solutions to clients focused on traffic and transportation planning, water-wastewater solutions, landscape and irrigation systems, office and industrial facilities, and multi-family development.
Under the continuing leadership of Vickie Henkel, Terra's staff of 30+ professionals work from offices in Houston and San Antonio for both public and private sector clients.
In connection with their water-wastewater practice, Terra serves in the role of District Engineer for several Texas-based Municipal Utility Districts.
The acquisition, which the company expects to be immediately accretive, was financed with a combination of cash, seller financing, and stock.
The company expects the Terra acquisition to initially contribute approximately USD 5.5m of annualized net service billing.
Terra...
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