Bowman expands utility infrastructure engineering services with Richter acquisition
(UI) – Bowman Consulting Group Ltd. announced the purchase of Richter & Associates, a Rockville, Maryland based professional services firm focused on dry utility infrastructure engineering. The firm, founded by Steve Richter, a former PEPCO engineer, works with private and public clients along with utility services providers to navigate the complexities of design, development, and implementation of natural gas, electric and telecommunications infrastructure. Richter, along with other senior managers of Richter, will become part of the Bowman management team.
The company expects the Richter acquisition to contribute approximately $5.5 million of annualized net service billing before revenue synergies and be immediately accretive. The acquisition, which was in line with Bowman’s target acquisition metrics, was financed with a combination of cash, seller notes, and equity.
“Evolving complexity of end use, combined with increasing load demand, is forcing utilities to rethink their approach to system extension, capacity management, interconnectivity, and last-mile design. Steve has built a business uniquely positioned to address the need for integrated dry utility engineering inherent in all infrastructure projects. Every structure built requires coordinated orchestration of last-mile utility engineering and interconnection with multiple utility providers. Richter has built a solid foundation of experience and an impeccable reputation from which we can grow this service nationally,” said Gary Bowman, CEO of Bowman.
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