Founded in 2005 by Richard Hisert, Ph.D., PG, H2H provides mine permitting, geospatial, geologic, hydrogeologic, geotechnical, civil and mine engineering, hydrographic, and environmental services to a variety of state, federal, and private sector clients throughout the United States. Hisert, along with other senior managers of H2H, will become part of the Bowman management team.
“The acquisition of H2H will expand our mine consulting and geospatial capabilities as well as extend our service verticals to the transportation and infrastructure market,” said Gary Bowman, CEO of Bowman. “Their depth of expertise serving the aggregate, cement, and industrial minerals mining industries will position us to capitalize on the backlog of transportation and infrastructure spending coming in 2023 and beyond. We were also attracted by their extensive experience in sophisticated underwater imaging, hydrographic surveying, and the unique collection of advanced marine mapping technologies they have assembled.”
“We have gotten to know the Bowman team well, and we are confident that their culture and commitment to deliberate growth will enable our team to scale our operations to a degree we could not achieve on our own,” said Hisert, Founder of H2H. “Our skills, experience, and tools will complement Bowman’s while their national footprint and extensive professional development programs will provide our team with a new home from which to grow. We have been considering a sale for some time and feel this is the perfect match for our team.”
Bowman expects the H2H acquisition to contribute approximately $3.5 million of annualized net service billing before revenue synergies and be immediately accretive. The acquisition was financed with a combination of cash and seller notes, including a convertible note.
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“H2H meets all of our operating metric objectives, and the acquisition cost is within our target multiple range,” said Bruce Labovitz, Bowman’s Chief Financial Officer. “In this case, the tangible technology and geospatial assets we are acquiring as part of the acquisition will likely account for a greater than usual portion of the final purchase price allocation.”