Bowman has acquired Redmond, Washington based FCS Group (“FCS”). FCS is a professional services firm focused on addressing the financial, management and economic challenges facing public sector entities including utilities, state and local governments, regional agencies and public safety organizations. Led by current President and Principal John Ghilarducci, FCS specializes in utility rate and fee advisory services along with utility management, financial and economic planning and infrastructure funding consulting.
FCS consults for a variety of clients, including government agencies in urban and suburban areas, rural utility systems, municipal authorities in regions with seasonal or climate sensitivities and communities with special commercial and industrial needs. Given the firm’s particular expertise and experience in utility rate policy and practice, FCS client assignments often range from defining revenue requirements and building comprehensive financial assessment tools to developing long-term capital funding strategies and full cost-of-service rate analyses in support of infrastructure investment and programmatic initiatives for a variety of water-related, energy, solid waste and other services. With a staff of 35 technical, management and financial professionals throughout the western United States, including Washington, Oregon and Colorado, FCS has delivered high-quality, cost-effective consulting services in over 4,000 engagements to more than 650 public and quasi-public clients since its founding in 1988.
“FCS immediately expands our reach and our resume within the utility, government and sustainability markets,” said Gary Bowman, chairman and CEO of Bowman. “This acquisition, while not a typical engineering firm, presents a unique opportunity both to accelerate our penetration of the utility and renewables markets and to expand the breadth of services we can offer our existing portfolio of traditional utility and energy transition clients. FCS also brings to Bowman a substantial history of successful public sector engagements. I am confident that the combination of our combined utility services experiences and long-standing client relationships will deliver meaningful revenue synergies as we integrate our organizations. I am excited to have John and the entire FCS team become part of Bowman.”
“FCS has a proud history and unparalleled reputation within the utility and public sector markets of the northwest,” said John Ghilarducci, president of FCS. “As part of Bowman, we will be able to expand our reach beyond our established markets and secure new client engagements. I am confident that many of our existing clients will now welcome the opportunity to expand their relationships with us to consider Bowman’s unique offerings. Likewise, I am confident we can grow Bowman’s existing utility portfolio.”
Financed with a combination of cash, seller notes and equity, the acquisition falls within previously discussed target multiples and operating metric ranges. The Company anticipates the acquisition will initially contribute at an annualized net service billing run rate of approximately $7.0 million and be immediately accretive. More detailed information on M&A activities, pipeline and guidance updates are provided in connection with scheduled quarterly and annual communications.
About FCS Group
FCS Group, established in 1988, provides solutions to effectively address financial, management and economic challenges faced by public sector clients. The FCS management team includes professionals with backgrounds in public administration, management, finance, accounting, economics and engineering disciplines. These analytically focused perspectives equip the firm to address government finance, management, economic and operational challenges while maintaining fixed attention on organizational sensitivities, policy drivers and stakeholder priorities. FCS has delivered high-quality, cost-effective consulting services in over 4,000 engagements and served more than 650 clients with a staff of 35 professionals throughout the western United States from locations in Redmond, Washington, Lake Oswego, Oregon and Boulder, Colorado. For more information on FCS Group, their projects and their services, visit www.fcsgroup.com.
Tags:M&A
Share
