Bowman Consulting Expands Solar Engineering Services with Acquisition of SEI Professional Services


RESTON, Go.Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), announced the purchase of SEI Engineering, LLC (“SEIA”). Based at Paonia, Colorado and doing business as SEI Professional Services, the company provides a full range of technical services to developers and owners of commercial and utility scale solar energy installations. The SEIE team is comprised of many of the solar industry’s top photovoltaic (PV) and battery storage system designers, engineers and technicians.

“Our renewable energy business is growing at a rapid pace and the acquisition of SEIE will serve to further accelerate this growth,” said Gary Bowman, CEO of Bowman. “Planning, engineering and commissioning related to the energy transition are at the heart of our growth strategy and are at the heart of our acquisition program. SEIE’s management team is extraordinarily knowledgeable and highly respected as experts throughout the solar industry. They have been particularly attracted to our culture of growth and look forward to the opportunities for advancement that a great organization can provide. They will quickly integrate into our operations, and we are confident that this development will result in significant cross-selling and revenue synergies. I look forward to the opportunities this acquisition will present to advance our penetration into the growing alternative energy engineering services market.

“Bowman’s vision to expand SEIE’s reach and provide deep support to our operations is what initially made us want to join,” said Jeff Ruppert, PE, CEO of SEIE. “Getting to know the company’s culture, hearing its vision for growth and understanding its commitment to the energy transition market has further solidified our interest in being part of Bowman. The solar energy market is growing much faster than we could profit from it alone. By joining Bowman, our opportunities for growth and continuing to be the premier engineering group for solar and storage projects will only be enhanced.

The Company expects the acquisition of SEI to initially contribute approximately $1.5 million annualized net service billing and be immediately accretive. The acquisition was financed by a combination of cash and notes from the seller.

“The acquisition of SEIE has proceeded well within our multiple target range and is consistent with our objectives for operating metrics, revenue synergy, cross-selling opportunities and growth potential,” said Bruce Labovitz, chief financial officer of Bowman. “As is our custom, we will provide more detailed information on M&A activity, pipeline and guidance as part of scheduled quarterly communications.”

About SEI Engineering

SEI Engineering, LLC (SEIE) was founded by a group of International solar energy, the world leader in PV training and education. SEIE clients are assured that their projects will be executed with the highest quality and expertise. Consulting and design services include civil, structural and electrical engineering, feasibility study services, production modeling, design consulting and on-site quality assurance inspections. For more information about SEIE, their projects and services, visit SEI Professional Services.

About Bowman Consulting Group Ltd.

Based at Reston, Virginia, Bowman is an engineering services company providing infrastructure solutions to clients who own, develop and maintain the built environment. With over 1,700 employees and over 65 offices across United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, surveying, land acquisition and other technical services to clients operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investor.bowman.com.

Forward-looking statements

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the WE Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical facts, including statements regarding our future operating results and financial condition, our business strategy and our plans and objectives for future transactions, 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 regarding future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, operations and business objectives in the near and future. long term and our financial needs. . These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors or circumstances 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 press release. These factors include: (a) changes in demand from local and state governments and the private customers we serve; (b) general economic conditions, national and worldwide, 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 out in the Company’s latest report SECOND deposits. Given these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results may differ materially and adversely from those anticipated or implied by the 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.

Contact:

Investor

Bruce Labovitz

Email: [email protected]

Such. : (703) 787-3403

Megan McGrath

Email: [email protected]

Such. : (310) 622-8248

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