Bowman Consulting Group, Ltd. completed the acquisition of KTA Group Inc.
January 31, 2020
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Bowman Consulting Group, Ltd. signed a letter of intent to acquire KTA Group Inc. on December 18, 2020. KTA generates $8 million in annual revenues as of December 31, 2019. KTA President Randolph Thompson will continue to lead KTA's engineering team out of its Herndon office. Mark Koblos will join Bowman as Executive Vice President and will oversee business development and national expansion strategy. The transaction is scheduled to close in early January.
Bowman Consulting Group, Ltd. completed the acquisition of KTA Group Inc. on January 1, 2021. As part of the acquisition Bowman Consulting Group issued 0.053 million shares of our common stock to KTA Group, Inc. Bowman Consulting paid total consideration of $3.4 million, which was comprised of 53,159 shares of common stock, at $12.80 per share, for a total of $0.7 million, plus $2.7 million in cash and a promissory note. The promissory note is a four year note with a 3.25 % interest rate with equal quarterly payments beginning on April 1, 2021 and ending January1, 2025. The team of KTA Group Inc. will join Bowman Consulting Group, Ltd. The transaction is expected to be immediately accretive.
Bowman Consulting Group Ltd. is a national engineering services company engaged in delivering infrastructure solutions to customers who own, develop, and maintain the built environment. It provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. It works as both a prime and sub-consultant for a broad base of public and private sector customers that generally operate in regulated environments. Its public sector assignments originate from customers that are transportation departments, utilities, government agencies (federal, state, and local), military branches, school systems, water authorities and other general infrastructure operators. Its private sector customers include owners and operators from multiple industries, such as investor-owned utilities, participants in the renewable energy and others.
BOWMAN CONSULTING GROUP LTD. 
