- Bowman Consulting Group buys SEI Engineering.
- Bowman reported record first-half gross revenue of $114.9 million.
Bowman Consulting Group has bought SEI Engineering, which provides technical services to developers and owners of utility and commercial-scale solar energy facilities.
Gary Bowman, the CEO, said 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 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 fell within Bowman’s target multiple ranges 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 from $68.3 million for the first half of 2021. Growth was strong in transportation, power and utilities, and energy transition and was aided by ten acquisitions completed in the preceding 12 months.