Bowman Acquires UP Engineering, Expands Oil & Gas Presence
Bowman Consulting Group Ltd., a national engineering services firm specializing in infrastructure, technology, and program management solutions, has announced a significant step in its strategic growth plan with the acquisition of UP Engineering. Based in San Antonio, Texas, UP Engineering is a firm recognized for its expertise in civil engineering and surveying services. The company has built a strong reputation serving clients in oil and gas, industrial, commercial, and residential sectors throughout Texas. This acquisition marks an important milestone in Bowman’s efforts to expand its footprint in the oil and gas industry.
Gary Bowman, chairman and CEO of Bowman, emphasized the importance of this acquisition in strengthening the company’s position in a key market. “This acquisition enables Bowman to build on our already solid foundation in the oil and gas industry,” he stated. “UP’s reputation for reliability, efficiency, and innovation in the Texas market aligns well with our mission to deliver operational excellence across market sectors, services, and geographies. As the oil and gas industry accelerates its focus on domestic exploration and drilling, this acquisition strengthens our market position, enables us to capture new opportunities in a high-growth area, and helps deliver additional long-term value to our stakeholders.”
With the energy sector undergoing rapid transformation and expansion, Bowman’s acquisition of UP Engineering comes at a time when demand for engineering expertise in infrastructure development is growing. The U.S. oil and gas industry has seen a resurgence in recent years due to advancements in drilling technology, increasing domestic production, and a shift toward more sustainable extraction practices. Bowman’s move to acquire UP Engineering will position the company to leverage these industry trends, ensuring it remains competitive and able to provide high-quality services to clients seeking innovative engineering solutions.
UP Engineering has established itself as a key player in the Texas market over the past decade. Under the leadership of its president, Natasha Uhlrich, the firm has built a loyal client base by prioritizing service excellence and technical expertise.
“UP’s success over the past 10 years is a testament to our dedicated team and our ability to retain a loyal base of clients through our commitment to superior service,” Uhlrich said. “By joining Bowman, we will be part of a growing and nationally respected engineering firm that shares our vision and commitment to delivering the highest standards in the industry. Together, we will expand our impact, strengthen our capabilities, and continue to deliver the high-quality service that has defined us. We look forward to this exciting new chapter with Bowman.”
The integration of UP Engineering into Bowman will provide multiple advantages for both companies. Bowman will gain an experienced team with in-depth knowledge of Texas’s oil and gas sector, allowing it to offer enhanced services and solutions to existing and new clients. Meanwhile, UP Engineering will benefit from the broader resources, technical expertise, and national reach of Bowman, positioning it for accelerated growth and expansion. This acquisition also reflects Bowman’s ongoing commitment to investing in high-growth industries and expanding its service offerings to meet the evolving needs of its clients.
Bowman has been actively pursuing mergers and acquisitions as part of its long-term growth strategy. By acquiring firms that complement its existing expertise and align with its business goals, Bowman aims to strengthen its market presence in key industries. The acquisition of UP Engineering is part of this broader effort to enhance its capabilities in the oil and gas sector, an industry where demand for engineering and infrastructure services is expected to remain strong in the coming years.
The financial aspects of the acquisition involve a mix of cash, seller notes, and a convertible note, aligning with previously discussed target multiples and operating metrics. Bowman projects that UP Engineering will operate at an annualized net service billing run rate of approximately $3.0 million and expects the acquisition to be immediately accretive. The transaction underscores Bowman’s disciplined approach to mergers and acquisitions, ensuring that each acquisition contributes to the company’s financial health and long-term growth.
Bowman remains committed to transparency in its financial performance and strategic initiatives. The company regularly provides updates on its mergers and acquisitions pipeline, along with guidance on expected performance. Investors and stakeholders can expect more detailed information on Bowman’s M&A activities and financial outlook in the company’s quarterly and annual communications. Bowman is set to release its fourth-quarter and full-year 2024 financial results after the stock market closes on Tuesday, March 11, 2025.
The acquisition of UP Engineering is not just a business transaction; it is a strategic move that will enable Bowman to reinforce its leadership position in the engineering services industry. With the growing demand for infrastructure solutions in oil and gas, as well as industrial and commercial sectors, Bowman is well-positioned to capitalize on new opportunities and drive long-term value creation for its clients and shareholders. This acquisition highlights the company’s commitment to growth, innovation, and excellence in engineering services.
