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BUSINESS NEWS BOWMAN CONSULTING GROUP AWARDED $10 MILLION TASK ORDER WITH COOK COUNTY DEPARTMENT OF HIGHWAYS Bowman Consulting Group , announced that it has received a $10 million task order contract award with the Cook County Department of Transportation and Highways in Illinois relating to the County’s Pavement Preservation and Rehabilitation program. The term of the Award is for three years with two one-year renewal and extension options for the County. Under the terms of the Award, Bowman will provide construction management services to include engineering and inspection services on a sole-source, task order basis for pre-construction, construction, and post- construction phases of the PPR. The County may expand the Award to include other construction management and engineering related tasks outside the PPR at its discretion. The Company will record backlog associated with the Award as individual task order assignments are issued. “This meaningful win for our company
derives from our extensive transportation and construction management experience and represents the increased demand we are experiencing for infrastructure related projects,” said Gary Bowman, chairman and CEO of Bowman. “We are proud to have been selected for this assignment and look forward to expanding our relationship with Cook County. We expect the revenue associated with the PPR project to ramp up slowly during the remainder of 2021, with the bulk of the spending coming in 2022 and 2023.” Headquartered in Reston, Virginia, Bowman is a professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With 800 employees and more than 30 offices throughout the United Sates, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets.
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JOHN BRAY, from page 1
going forward for this reason, and this could give a firm that goes about the process in a diligent way more options when they get to the negotiating table. 2)More competition. For simplicity's sake, let’s assume you are a buyer in the M&A market for a moment. In addition to the increased opportunities you may find for acquisition, you may also find that a growing number of companies are looking for targets in similar geographies and market sectors as you. This makes it all the more important that, if you do decide that M&A is the best growth strategy for you, you make it a top priority and “come correct” in developing your strategy as well as with any promising leads that you come across. The opportunities will be there – what are you doing to differentiate yourself from the competitors in the market who are looking for the same things you are? 3)Out-of-industry buyers. Private equity groups, investment banks, family offices, and tech companies are just a few of the examples of non-AEC groups that will become more interested in making investments in this industry. These groups are typically more sophisticated when it comes to M&A, but less experienced when it comes to AEC firms specifically. Their lack of experience in AEC can lead to confusion during negotiations if they do not have an advisor who understands this industry. They may also be willing to pay a higher price tag at times, but that will often come to the detriment of the selling firm’s staff who aren’t shareholders. 4)Higher valuations. The increased demand for this industry along with the increased interest from out-of-industry buyers should bring valuations higher. Although the supply should also increase, as outlined in No. 1 above, the increased activity will justify higher projections and multiples which will inevitably lead to higher closing prices for the deals that do get across the finish line. JOHN BRAY, CM&AA is an advisor with Zweig Group’s M&A and executive search teams. Contact him at jbray@zweiggroup.com.
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THE ZWEIG LETTER AUGUST 2, 2021, ISSUE 1402
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