(RTTNews) - Bowman Consulting Group Ltd. (BWMN), an engineering services and project management firm, announced on Monday the acquisition of Lazen Power Engineering, a Florida-based company specialising in high-voltage transmission line or HVTL design and construction oversight.
The deal is financed with cash, seller notes, and equity, is expected to operate at a net service billing run rate of about $2 million and be immediately accretive.
The acquisition establishes the company's immediate presence in the fast-growing HVTL segment, enhancing its technical expertise and expanding its credentials in key areas of utility design. It also complements the company's geospatial services for transmission line surveying and imaging.
CEO Gary Bowman said the acquisition accelerates the firm's long-term energy strategy, strengthening its capabilities in power generation, distribution, and infrastructure.
On Friday, Bowman Consulting closed trading 1.99% lesser at $41.89 on the Nasdaq.
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