- Bowman Consulting Group Ltd (NASDAQ:BWMN) has purchased Fabre Engineering, Inc., a provider of civil engineering and land surveying in Florida, Alabama, and Mississippi. Financial terms were not disclosed.
- Pensacola, Florida-based Fabre Engineering was founded in 1981 by Frank Fabre. It specializes in water, stormwater, wastewater solutions, airports, land use planning for private developers and municipal agencies, and broad-based geomatics and land surveying services.
- "Frank and the extended Fabre team have a long history in the Gulf Coast," commented CEO Gary Bowman. "Our southeast region will no doubt benefit from the addition of Fabre's skilled workforce and diverse base of clients."
- BWMN expects the acquisition to be immediately accretive and to initially contribute approximately $1.5 million of annualized net service billing.
- BWMN financed the deal with cash and seller financing. It held cash and equivalents of $34.94 million as of March 31, 2022.
- Price Action: BWMN shares are trading higher by 0.79% at $15.25 during the premarket session on Friday.
