Bowman acquires professional services firm FCS, sees immediate accretion

Bowman Consulting Groupannounced the acquisition of Redmond, Washington based FCS Group. FCS is a professional services firm focused on addressing the financial, management and economic challenges facing public sector entities including utilities, state and local governments, regional agencies and public safety organizations. Led by current President and Principal John Ghilarducci, FCS specializes in utility rate and fee advisory services along with utility management, financial and economic planning and infrastructure funding consulting. FCS consults for a variety of clients, including government agencies in urban and suburban areas, rural utility systems, municipal authorities in regions with seasonal or climate sensitivities and communities with special commercial and industrial needs. “FCS immediately expands our reach and our resume within the utility, government and sustainability markets,” said Gary Bowman, chairman and CEO of Bowman. “This acquisition, while not a typical engineering firm, presents a unique opportunity both to accelerate our penetration of the utility and renewables markets and to expand the breadth of services we can offer our existing portfolio of traditional utility and energy transition clients. FCS also brings to Bowman a substantial history of successful public sector engagements. I am confident that the combination of our combined utility services experiences and long-standing client relationships will deliver meaningful revenue synergies as we integrate our organizations. I am excited to have John and the entire FCS team become part of Bowman.” Financed with a combination of cash, seller notes and equity, the acquisition falls within previously discussed target multiples and operating metric ranges. The Company anticipates the acquisition will initially contribute at an annualized net service billing run rate of approximately $7M and be immediately accretive. More detailed information on M&A activities, pipeline and guidance updates are provided in connection with scheduled quarterly and annual communications.