Bowman Consulting purchases Richter & Associates, terms undisclosed

Bowman Consulting announced the purchase of Richter & Associates, a Rockville, Maryland based professional services firm focused on dry utility infrastructure engineering. The firm, founded by Steve Richter, a former PEPCO engineer, works with private and public clients along with utility services providers to navigate the complexities of design, development, and implementation of natural gas, electric and telecommunications infrastructure. Richter, along with other senior managers of Richter, will become part of the Bowman management team. The company expects the Richter acquisition to contribute approximately $5.5M of annualized net service billing before revenue synergies and be immediately accretive. The acquisition, which was in line with Bowman’s target acquisition metrics, was financed with a combination of cash, seller notes, and equity. More detailed information on M&A activities, pipeline, and guidance updates will be provided in connection with scheduled quarterly and annual communications.