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the Bowman organization and we will immediately support each other and maximize our collective utilization. PDC’s well respected and long-standing market presence will add both depth and breadth to our mix of business and will promote our strategic initiative to expand our base of revenue both into Southern California and with key public sector and utility clients.” “Bowman’s business model aligns well with ours and we are excited to be a part of the Bowman family,” said Greg Shields, CEO of PDC. “Our team has built a unique operation over our nearly 50-year history, and this business combination will facilitate the acceleration of our growth and create new opportunities for our team. We are grateful for the opportunity to lead Bowman’s entrance into Southern California and look forward to expanding our reach over time. Culture was a very important criteria for us in this process and we are confident that we have found the right fit.” Bowman expects the PDC acquisition to initially contribute approximately $14 million of annualized net service billing and be immediately accretive. “PDC is another meaningful advance of our long- term strategic growth initiative,” said Bruce Labovitz, Bowman’s CFO. “The
PDC acquisition meets all objectives for operating metrics and was transacted well within our target multiple range. The structure of a convertible note with an above market option price aligns with our belief that the markets are undervaluing our equity relative to our future earnings and cash flow potential. As is our practice, we will provide more detailed information on M&A activities, pipeline, and guidance in connection with scheduled quarterly communications.” Since 1976, Project Design Consultants has been involved in shaping communities through professional design services that include civil engineering, surveying, planning, and landscape architecture. Headquartered in San Diego, California, the firm’s team of professionals assists clients that include public agencies, utilities, and community developers. PDC works with customers to manage change in ways that transform communities and create opportunity. Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. Bowman has more than 1,500 employees and more than 60 offices throughout the United States.
ENTERS CALIFORNIA THROUGH ACQUISITION OF SAN DIEGO FIRM PROJECT DESIGN CONSULTANTS Bowman Consulting Group Ltd. SOUTHERN announced the purchase of Project Design Consultants. Founded in 1976 and headquartered in San Diego, California, PDC and its 65 employees provides civil engineering, surveying, planning and landscape architecture to a variety of public and private clients throughout Southern California. Under the leadership of Greg Shields, the company’s CEO, PDC provides engineering services that manage change and add value to infrastructure projects involving public works for municipal agencies, utility service providers, urban and suburban mixed-use developers, hospitality and entertainment venue owners, and commercial and healthcare facility operators. “PDC presents a compelling opportunity for Bowman to advance our market expansion and service diversification initiatives,” said Gary Bowman, CEO of Bowman. “California is a new frontier for us, and we are fortunate that Greg and the PDC management team will be leading the effort. The team of professionals at PDC will fit right into
■ Being slow to address issues. If I could time travel and not disrupt the space-time continuum, the following words are worth their weight in gold. You will find areas moving in the wrong direction in every facet of your business at different times. The quicker you move to address those issues, the better off you will be! It is truly some of the most challenging work and decision-making we faced, but the benefits multiplied once we corrected the issue. ■ Leverage your support network. I would slip this in on my time travel mission too. Almost every issue you will face has been encountered by other businesses before, and there are many ways to address them. Your banker, insurance agent, attorney, friendly competitor, trade association, business group, management consultant, etc., has solutions if only you solicit advice. These professionals have overcome or seen others solve similar problems and can help. Don’t be afraid to seek advice! In our next article, “The Propensity to Consume,” we will discuss the concept of “profit forgives a multitude of sins” and how success can affect your firm in both positive and negative ways. Stay tuned! Todd Perry, P.G., is a principal and senior geologist at PPM Consultants, Inc. Contact him at todd.perry@ppmco.com.
TODD PERRY , from page 9
technology quicker, it truly would have helped reduce many of our early stresses and failures. ■ Delegation is key. As environmental professionals, we are a very talented lot. However, we thought we had to micromanage everything. Some of us were very slow to delegate responsibilities and tasks, which would have significantly diminished our early pressures and bottlenecks. ■ Hiring is an art. In those early days, if we had a staff opening and the resume looked good, they were hired. Looking back, if we had been more diligent in taking time to ensure our culture was aligned, their work ethic matched expectations, and the work product was high quality, we would have avoided some major self-inflicted setbacks. Be clear about your expectations and leverage tools like personality profiling and recruiting software to help ensure quality hires. ■ Invest in talent. It is pretty simple: when you genuinely find talented individuals to join your firm, you will never regret stretching your budget to make it happen. Sometimes it’s hard to justify, but if everything aligns, you will never regret making the hire.
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THE ZWEIG LETTER NOVEMBER 7, 2022, ISSUE 1464
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