Bowman Consulting purchases of H2H Geoscience Engineering, no terms

Bowman Consulting Group announced the purchase of H2H Geoscience Engineering, a Troy, New York based professional services firm that is focused on the aggregate, cement and industrial minerals industries. H2H also specializes in the collection of detailed 3D measurements and images using state-of-the-art aerial, marine-based, underground, and terrestrial survey mapping technologies. "The acquisition of H2H will expand our mine consulting and geospatial capabilities as well as extend our service verticals to the transportation and infrastructure market," said Gary Bowman, CEO of Bowman. "Their depth of expertise serving the aggregate, cement and industrial minerals mining industries will position us to capitalize on the backlog of transportation and infrastructure spending coming in 2023 and beyond. We were also attracted by their extensive experience in sophisticated underwater imaging, hydrographic surveying, and the unique collection of advanced marine mapping technologies they have assembled. Considering the complementary services which they provide and the skillsets they possess, we have the ingredients for an exceptionally synergistic acquisition. Having already worked together on projects prior to the acquisition, we have a head start on integrating our services which allows us to increase focus on cross selling to our clients." The Company expects the H2H acquisition to contribute approximately $3.5M of annualized net service billing before revenue synergies and be immediately accretive. The acquisition was financed with a combination of cash and seller notes, including a convertible note. More detailed information on M&A activities, pipeline, and guidance updates will be provided in connection with scheduled quarterly and annual communications.