Bowman Consulting Group Expands Construction Services and MEP Practices with Acquisition of Kibart, Inc.

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RESTON, Virginia – (COMMERCIAL THREAD) – Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the acquisition of the assets of Kibart, Inc. (“Kibart”). Founded in 1986 and headquartered in Towson, Maryland, Kibart provides a variety of services including mechanical, electrical and energy engineering, general planning, utility and infrastructure design, commissioning, design of LEED certification and construction administration. Under Ed Abbott’s leadership, Kibart serves clients with a team of more than 35 employees, including professional engineers, accredited and LEED certified commissioning professionals, and CSI certified document technicians.

“Kibart is a great addition to our growing portfolio of construction services,” said Gary Bowman, CEO of Bowman. “Ed and his team have designed many award-winning projects that demonstrate market leadership and innovation. The addition of Kibart builds on our acquisitions of KTA Group and PCD earlier this year and accelerates our strategy of developing a construction services practice that has national reach. In line with our revenue-driven approach to acquisitions, Kibart, as part of Bowman, provides an immediate opportunity to cross-sell our services and grow revenue. We are extremely pleased with the breadth of leadership we are adding and welcome everyone from Kibart to Bowman. ”

“We’re all thrilled to be a part of Bowman,” said Ed Abbott, President of Kibart. “We are aligned with Gary and his team on our collective vision for Kibart’s future as a member of Bowman. Bowman’s national scope of construction services practice, along with his extensive expertise in civil engineering and surveying, all present immediate growth opportunities for our customers, our business and our people. We have similar cultures and overlapping values, and we are excited about this next chapter for all of us at Kibart. ”

The acquisition, which the Company expects to be immediately accretive, was financed with a combination of cash, vendor financing and equity. The Company expects the Kibart acquisition to initially contribute approximately $ 6.3 million in annualized net service billing.

“This is one of the acquisitions we expect to complete before the end of the year,” said Bruce Labovitz, Chief Financial Officer of Bowman. “This transaction falls within our previously communicated target range of acquisitions and meets all of our performance measurement objectives. We are pleased to have completed our fourth public company transaction and our fifth this year. As is our practice, we will provide more detailed information on M&A activity and the pipeline as part of scheduled quarterly communications. ”

About Kibart, Inc.

Founded in 1986, Kibart is an award-winning MEP engineering and commissioning company that works collaboratively with all project stakeholders to deliver creative, contemporary, reliable and sustainable solutions. Having developed exceptionally relevant expertise in the entire equipment and system design process, Kibart’s staff, consisting of over 35 building performance experts, are focused on delivering the highest quality results to clients and to the environment. Additional information on Kibart, its team and its projects is available on https://kibart.com.

About Bowman Consulting Group Ltd.

Based in Reston, Va., Bowman is an engineering services company that provides innovative infrastructure solutions to customers who own, develop and maintain the built environment. With 950 employees and more than 35 offices across the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, surveying, land supply and other technical services to clients operating for a diverse set of regulated purposes. markets. On May 11, 2021, Bowman completed its initial public offering of $ 51.7 million and began trading on the Nasdaq under the ticker symbol BWMN. For more information visit www.bowman.com.

Forward-looking statements

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. The Company cautions that any such statements contain important factors that could cause the statements to be made. actual results differ materially from those reflected by the forward-looking statements contained in this press release. These factors include: (a) changes in demand from local and state government and the private customers we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to compete successfully with our competitors; (d) changes in laws, regulations or policies; and (e) the “Risk Factors” set out in the Company’s latest filings with the SEC. All forward-looking statements are based on information available to the Company as of the date hereof, and the Company assumes no obligation to update such statements, except as required by law.


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