PCD Engineering bought by publicly held engineering group

LONGMONT — Bowman Consulting Group Ltd. (Nasdaq: BWMN) bought PCD Engineering Inc. on undisclosed terms, a press release said.

PCD Engineering provides “mechanical and electrical engineering, energy management, building envelope consulting and integrated green building system solutions,” according to the press release. It was founded 21 years ago by President Peter D’Antonio.

The buyer is a Reston, Virginia-based engineering firm with 850 employees and 30 U.S. offices. Its services to building owners, developers and managers include planning, engineering, construction management, environmental consulting, geomatics, surveying, land acquisition and other technical services. It went public May 11, raising $51.7 million.

Bowman has bought several companies over the last year.

It added KTA Group Inc. near Washington, D.C. in January; civil engineering and landscape architecture firm McFarland-Dyer & Associates in Georgia in August; and Triangle Site Design, which does land planning and surveying, in North Carolina, 10 days ago.

PCD is expected to add $2.5 million in annual net service billing and be immediately accretive to Bowman. The purchase was financed with a combination of cash, seller financing and stock, the press release said.

Regulatory filings show that Bowman paid $3.4 million for KTA: issuing about 53,000 shares worth $700,000, with the rest in cash and a promissory note. The acquisition added about $7.4 million in gross annual contract revenue to Bowman.

In connection with the McFarland acquisition, which added $4 million of annualized net service billing to Bowman, the buyer issued about 32,000 shares, according to a regulatory filing, but a purchase price wasn’t given.

Bowman has about $129 million in annual revenue and traded recently at a $153 million market cap.

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