Bowman Consulting acquires Hess-Rountree, terms undisclosed

Bowman Consulting announced the acquisition of Hess-Rountree, a full-service engineering firm headquartered in Phoenix, Arizona. With an emphasis on renewable energy, educational and sports facilities projects, Hess-Rountree provides civil engineering, land surveying, contract administration, 3D laser scanning, UAV aerial mapping and photography and as-built BIM modelling services to a range of clients. All Hess-Rountree employees have joined Bowman in connection with the acquisition. During its more than fifty years in business, Hess-Rountree has worked with over 70 school districts throughout Arizona. The firm has successfully completed over 800 educational facility projects for new and existing elementary, middle school, high school and higher-education campuses. Additionally, the company has growing practices in the design of athletic fields and courts and renewable energy projects. Led by current president Doug Osborn, the firm has expanded to serve a diverse range of public and private sector, institutional and tribal clients throughout Arizona. Financed with a combination of cash, seller notes and equity, the acquisition falls within previously discussed target multiples and operating metric ranges and is expected to be immediately accretive. The company anticipates the acquisition will initially operate at an annualized net service billing run rate of approximately $3M. More detailed information on M&A activities, pipeline and guidance updates are provided in connection with scheduled quarterly and annual communications.