Mergers and Acquisitions
Bowman Acquires Energy Sector Firm Excellence Engineering
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A 12-mile natural gas pipeline in northeast Texas.
Photo courtesy of Bowman Consulting Group
Bowman Consulting Group purchased Tulsa, Okla.-based Excellence Engineering, continuing its expansion into the energy sector. The deal was finalized Oct. 2, according to the acquired firm's website.
That firm's leaders, including CEO Deyona “Dee” Hays, will remain for “continuity of direct leadership with additional resources available from throughout Bowman,” says Bruce Labovitz, Bowman CFO. The deal adds clients, capabilities, geography and resources to Bowman's operations, he adds.
Excellence Engineering provides services in engineering, procurement, project management and automation for the petrochemical, hydrogen, industrial and electric-vehicle industries. Bowman currently offers upstream and midstream capabilities in oil and gas sectors, along with other energy-related services.
“We believe there will be significant revenue synergy and cross-cultivation of project opportunities because of the combination,” says Labovitz.
In addition, the purchase fits well with previous Bowman acquisitions., the firm said. These include the December 2021 buy of professional service firm 1519, and last November's purchase of Spatial Acuity, a 3D modeling and reality capture firm.
The sale price for Excellence Engineering was not disclosed.
But a company release said the acquisition is being financed with a combination of cash, seller notes and equity.
Bowman, based in Reston, Va., ranks No. 87 on ENR's most recent Top 500 Design Firms list, reporting 2022 revenue of $260.2 million. The firm ranks at No. 57 on ENR’s Texas & Louisiana 2023 regional Top Design Firms list, with regional revenue of $33.46 million.
The purchase gives Bowman a foothold in the Oklahoma market. In addition to other locations across the U.S., Bowman has nine offices in Texas: Austin, Dallas, Fort Worth, Houston, Marshal, San Antonio, San Marcos and Waco.
Bowman is “active in the merger and acquisition market with a solid pipeline of opportunities. We expect additional closings before year-end,” Labovitz adds.
