Bowman Consulting Group said it bought SEI Engineering, which provides technical services to developers and owners of utility and commercial scale solar energy facilities.
Gary Bowman, CEO, said in a statement that planning, engineering, and commissioning related to the energy transition is a focus of the company’s growth and is “central” to its acquisition strategy.
Jeff Ruppert, P.E., CEO of SEIE, said the solar energy market is expanding “much faster than we could possibly capitalize on alone.”
Virginia-based Bowman said it expects its buy of Colorado-based SEI to add around $1.5 million initially of annualized net service billing and be immediately accretive. The acquisition was financed with cash and seller notes. Additional terms were not disclosed.
The acquisition fell within Bowman’s target multiple range and conformed with its objectives for operating metrics, revenue synergy, cross-selling opportunities and growth potential.
In August, Bowman reported record first-half gross revenue of $114.9 million, up form $68.3 million for the first half of 2021. Growth was strong in transportation, power and utilities, and energy transition, and was aided by 10 acquisitions completed in the preceding 12 months.
Bowman has some 1,700 employees and more than 65 offices across the United States.