Bowman Consulting Group Ltd. (NASDAQ:BWMN), a national engineering, program management and infrastructure services
firm, announced the acquisition of Houston-based RPTAlliance (“RPT”), a leading designer of natural gas transmission facilitiesand power generation infrastructure, including microgrid and bridging power
installations for data centers, large industrial power consumers and utility
operators. The acquisition marks another milestone in Bowman’s effort to expand
its power and utilities practice through scalable, high-value services that
position the company to capture increasing share of the markets transforming
the modern energy generation and provisioning landscape.
RPT is recognized nationally for itstechnical expertise in the design of natural gas transmission systems and power
generation infrastructure deployed by data centers and industrial facility
operators facing near-term electrification constraints. These natural
gas-powered installations enable rapid deployment of high-reliability energy
solutions that accelerate the operational readiness of mission critical assets.
RPT’s midstream engineering includes compressor, meter and power generation
stations which utilize both existing and newly engineered natural gas
transmission facilities with gas-fired generation equipment.
“RPT immediately transforms the platformwe’ve built over the past several years,” said Gary Bowman, founder and chief
executive officer. “Their speed-to-energization expertise contributes to our
strategy of providing one-stop design and engineering solutions to data center,
utility and industrial customers. In the built environment of the future, the
bridging-to-permanent electrification solutions RPT designs will be gating
items in the planning of high energy consumption facilities. Together with Lazen,
e3i, SOA and our legacy team of power services professionals, we now possess a
full range of expertise in the design and delivery of power systems that are
enabling America’s digital and energy transformation. I strongly believe RPT
will enhance our capture rate in the growing national market for power and
energy solutions.”
“From the beginning, RPT Alliance was builtaround the simple idea that reliable, efficient and fit-for-purpose energy is
the foundation of progress,” said Ryan Barnes, co-founder and president of RPT
Alliance. “As the demand for industrial electrification has accelerated, our
team has focused on designing practical, scalable power solutions that bridge
the gap between development and long-term utility service.”
“Despite rapid expansion over the past sixyears, our customers have continually challenged us to accelerate that growth
to keep up with their increasing workload,” added Barnes. “By joining Bowman,
we are now fully equipped to meet that challenge while maintaining the
high-quality of services and responsiveness our market demands. This unique
combination positions us to capitalize on the immense potential ahead, leverage
new opportunities, and capture significant market share. Our entire leadership
team is committed to realizing this next phase of growth and is excited to get
started as Bowman.”
The $59.7 million transaction was financedwith cash and a seller note. The company projects RPT will contribute
approximately $22–24 million in annualized net service billing in 2026 and be
accretive to earnings. More detailed information on M&A activity and
guidance updates will be provided in connection with the next scheduled
earnings communication.
“Adding accretive, high-growth revenue toour power & utilities group at a purchase multiple in line with ours
improves on our attractive price to earnings growth profile,” said Bruce
Labovitz, chief financial officer of Bowman. “We continue to deploy capital
prudently by investing in platforms that strengthen our earnings and provide
durable cash flow. We expect the high-value services and recurring revenue
nature of RPT’s engagements to contribute to our margin expansion and value
creation initiatives. While the transaction increases our leverage modestly in
the near term, we remain well within our comfort zone with ample capacity for
further growth investments.”
About RPT Alliance Founded in 2019 in Houston, Texas, RPT Alliance offers engineeringand project execution to clients in the energy, infrastructure and renewables
markets. The company engineers the systems that move and deliver energy — the
compressor stations, metering facilities and generation plants that form the
midstream connection between natural-gas supply and the power grid. The
company’s projects range from conventional infrastructure for oil and gas and
utility clients to the rapid-deployment energy systems increasingly used to
meet the surge in data center power demand. Having grown to over 80
professionals, RPT’s contracts span engineering, project controls, scheduling,
procurement and commissioning services across a broad energy and infrastructure
client base. RPT is ISO 9000:2015 certified and recognized for its disciplined,
results-driven approach to project delivery.
About Bowman Consulting Group Ltd. Headquartered in Reston, Virginia, Bowman is a national engineeringservices firm delivering infrastructure, technology and project management
solutions to customers who own, develop and maintain the built environment.
With 2,500 employees and 100 locations throughout the United States, Bowman
provides extensive planning, engineering, geospatial imaging, construction and
program management, commissioning, environmental consulting, land procurement
and other technical services to customers operating in a diverse set of
regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For
more information, visit bowman.comor investors.bowman.com.
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