February 5, 2024 – Bowman announced the acquisition of Trudell Consulting Engineers and its wholly owned Vermont Underground Locators subsidiary (collectively “TCE”), a multi-disciplinary engineering firm located just outside Burlington in Williston, Vermont. Founded in 1975, TCE works with both public and private clients across multiple sectors. Led by current CEO and president Jeremy Matosky, PE, the firm provides civil engineering, landscape architecture, land surveying, utility locating and environmental services to clients throughout Vermont. Clients include private developers, planning authorities, municipalities, renewable energy providers, natural resource excavators, hospitality and ski resort operators, property managers and retailers. TCE’s employees will all join Bowman in connection with the acquisition.
“TCE is a dynamic engineering firm in a growing market with an extremely talented collection of professionals,” said Gary Bowman, chairman and CEO of Bowman. “Under Jeremy’s leadership, the firm has generated consistent growth and expansion of their scope of services. While Burlington and the larger Vermont market is new territory for us, TCE will very much complement and extend our existing presence throughout northern New England and Upstate New York. I expect great things to come from this acquisition.”
“We are excited to join with Bowman and accelerate the growth of our business,” said Jeremy Matosky, CEO and president of TCE. “Burlington is a great place to live and work with a highly educated workforce and a growing demand for infrastructure investment. This is the right time in our journey for TCE to join forces with a larger strategic partner. After getting to know the Bowman culture and leadership, I am confident that Bowman is the right fit for me, our staff and our clients.”
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 $4.5 million. More detailed information on M&A activities, pipeline and guidance updates are provided in connection with scheduled quarterly and annual communications.
About Trudell Consulting Engineers (TCE)
Since 1975, TCE has continued to evolve and adapt to the changing economy and challenges of an ever-increasing complex regulatory world. The company develops successful life-cycle project designs that assist its clients achieve their financial and operational goals from the initial concept through final construction. Specializing in site/civil engineering, environmental, landscape architecture, and land surveying including utility locating for a variety of clients throughout Vermont, TCE clients span the public and private sectors. For more information on TCE, their projects, and their services, visit www.tcevt.com and www.vtlocators.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a national engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 2,000 employees and more than 90 offices throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.
