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Bowman Consulting Acquires San Diego Firm Project Design Consultants.

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Vincent

MANews-(C)2009-2022

Virginia, US-based engineering services firm Bowman Consulting Group Ltd (NASDAQ: BWMN) has acquired California-based civil engineering, surveying, planning and landscape architecture services provider Project Design Consultants.

Founded in 1976 and headquartered in San Diego, California, PDC and its 65 employees provides civil engineering, surveying, planning and landscape architecture to a range of public and private clients throughout Southern California.

Under a leadership of Greg Shields, the company's CEO, PDC provides engineering services that manage change and add value to infrastructure projects involving public works for municipal agencies, utility service providers, urban and suburban mixed-use developers, hospitality and entertainment venue owners, and commercial and healthcare facility operators.

The company expects the PDC acquisition to initially contribute approximately USD14 m of annualized net service billing and be immediately accretive.

Structured as a stock purchase with a joint election under Section 338(h) of the Internal Revenue Code, the acquisition was financed with a combination of cash and notes including one unsecured seller note and one convertible note with a USD 14.00 conversion option price.

Since 1976, Project Design...

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