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Highlights
- Bowman acquires Florida-based Lazen Power Engineering for HV transmission expertise.
- Acquisition adds USD 2.0 million net service billing run rate to Bowman’s platform.
- Lazen team joins Bowman to address growing US transmission infrastructure needs.
Bowman Consulting Group Ltd (NASDAQ:BWMN) has completed the acquisition of Lazen Power Engineering, a Florida-based firm specializing in high-voltage transmission line (HVTL) design and construction oversight. The acquisition positions Bowman to participate in the growing HVTL segment of the power industry.
Technical Expertise and Integration
Lazen’s experience in transmission line projects strengthens Bowman’s technical capabilities in utility design and maintenance. The acquisition adds specialized skill sets sought by power customers for master service agreements and competitive projects. It also complements Bowman’s geospatial services for high-altitude transmission line surveying and orthoimaging, increasing potential engagement with power clients.
Management Perspective
“This acquisition accelerates our long-term strategy to build a comprehensive energy practice focused on generation, distribution, storage, delivery and maintenance of power-related infrastructure,” said Gary Bowman, founder and CEO of Bowman. “The addition of Lazen and its team of highly skilled professionals immediately establishes our capability in overhead transmission line design and lays important groundwork for future growth of our energy practice. The platform complements several of our recent acquisitions including e3i Engineers, an acquisition which expanded our capabilities in data center and interior energy infrastructure design. We are committed to increasing the concentration of power services in our revenue mix by adding adjacent specialties that strengthen our ability to support the growing demand for greater capacity and stability across the US power grid.”
Lazen founder Mohammed Issa added, “Joining Bowman gives our team the opportunity to be part of a larger platform while continuing to focus on the specialized needs of our clients. The demand for growth in transmission capacity has never been greater. Utilities, data centers and renewable developers all require safe, efficient and scalable high-voltage networks to keep pace with growth and reliability demands. By combining Lazen’s technical expertise with Bowman’s multidisciplinary platform, we are better positioned than ever to help address this critical infrastructure challenge.”
Financial and Operational Details
The acquisition was financed using a combination of cash, seller notes, and equity, in line with previously discussed target multiples and operating metrics. Bowman expects Lazen to initially operate at a net service billing run rate of approximately USD 2.0 million and be immediately accretive. Further updates on M&A activity, pipeline, and guidance will be shared during quarterly and annual communications.
