Bowman Consulting Group agreed on 10 August to be acquired by Bernhard Capital Partners for $43.00 a share in cash, in a deal that values the engineering services firm at about $1.0bn including debt.
Why Bernhard Capital Partners is buying Bowman Consulting Group Ltd.
Bernhard said Bowman's technical expertise and scale across critical infrastructure markets fit its own record of building infrastructure services businesses, and that strong investment in infrastructure, utility and industrial markets positions Bowman well. Founder and chief executive Gary Bowman said the buyer understands the company's acquisition-led growth strategy.
Deal terms and financing
The price is a 58% premium to Bowman's unaffected close of $27.23 on 7 August and 57% above the 30-day volume-weighted average. Bowman could solicit rival offers during a 35-day go-shop ending on 13 September. Holders of about 15.3% of the voting power have signed voting agreements.
Regulatory approvals and timing
Closing is expected in the fourth quarter of 2026 or the first quarter of 2027, subject to shareholder and regulatory approvals. Bowman will then delist from Nasdaq.
Market context
Bowman, which listed in 2021, has more than 2,500 employees and 100 offices across the United States, providing planning, engineering, geospatial, construction management and environmental services.
