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Bowman Consulting Acquires Exeltech Consulting to Strengthen Transportation Infrastructure Services
Slice of Construction Team
November 05, 2024
Key Highlights:
Bowman acquires Exeltech Consulting to enhance bridge design, transportation planning, and environmental compliance capabilities.
Acquisition expands Bowman’s presence in the Pacific Northwest with Exeltech’s offices in Washington, Oregon, and Montana.
Synergies anticipated in revenue and utilization, bolstered by Exeltech’s specialized civil and structural engineering skills.
Deal includes cash, seller term notes, and convertible note financing; initial $7M annual billing rate expected.
Source: Business Wire
Notable Quotes:
"Exeltech complements Bowman from both a services and geographic footprint perspective."
“Joining with Bowman offers us the opportunity to align with a rapidly growing national firm with a commitment to expanding in areas where we are highly experienced.”
Our Take:
This acquisition highlights Bowman Consulting's strategy to strengthen its national footprint in transportation and civil infrastructure services, particularly in bridge design and environmental compliance—areas in high demand across U.S. markets. Exeltech's extensive experience and regional presence in the Pacific Northwest make it a valuable addition, positioning Bowman to gain market share in a region rich with infrastructure projects. Financially structured to be immediately accretive, the acquisition aligns with Bowman’s targeted growth metrics, reinforcing its capacity to deliver comprehensive, multidisciplinary solutions to transportation and infrastructure clients.