Engineering services firm Bowman Consulting Group Ltd. has agreed to acquire UP Engineering, a civil engineering and surveying firm in Texas, to strengthen Bowman's position in the oil and gas market. (Source: Shutterstock)
Engineering services firm Bowman Consulting Group Ltd. has agreed to acquire UP Engineering, a civil engineering and surveying firm, according to a Feb. 18 press release.
San Antonio-based UP Engineering serves clients throughout Texas with a focus on oil and gas, industrial, commercial and residential projects, the release stated.
The transaction will be financed with a combination of cash, seller notes and a convertible note, Virginia-based Bowman said. A purchase price was not disclosed.
The company anticipates the deal will initially operate at an annualized net service billing run rate of $3 million and be “immediately accretive,” Bowman said.
Chairman and CEO Gary Bowman said UP’s services in the Texas market aligns with Bowman’s mission to deliver “operational excellence across market sectors, services and geographies.”
“As the oil and gas industry accelerates its focus on domestic exploration and drilling, this acquisition strengthens our market position, enables us to capture new opportunities in a high-growth area and helps deliver additional long-term value to our stakeholders,” Bowman said.
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