Bowman Consulting Announces $1B Cash Sale to Louisiana

Companies Bowman Consulting Announces $1B Cash Sale to Louisiana-based Private Equity Firm CEO Gary Bowman says deal is “a new chapter” that will “allow us to continue growing the business” Reston, Va.-based engineering services and program management firm Bowman Consulting Group announced that private equity firm Bernhard Capital Partners will acquire the company as part of a $1-billion cash deal expected to close next year. In an Aug. 10 email to employees shared with ENR, company founder and CEO Gary Bowman said the company had come to know the Louisiana private equity firm “from its many years investing in our sector,” and the sale opens a “new chapter” that will “allow us to continue growing the business.” The company is publicly traded on the NASDAQ exchange. Related to the prospective parent, Bowman said it "respects our people and our technical discipline, and has a real appreciation for the long-term nature of our work.” He assured the more than 2,500 Bowman employees that “nothing changes in our day-to-day work as a result of today’s announcement.” The CEO noted that the transaction includes a 35-day “go-shop” provision that allows its six-member board of directors to actively solicit and consider alternative acquisition proposals from third parties before company shareholders approve the deal on Sept. 13. At transaction completion, Bowman will become a privately held company in Bernhard’s growing portfolio of utility, infrastructure and engineering services companies that is estimated to be worth about $6 billion. Bernhard’s recent acquisitions include New Mexico Gas Co. and regulated utility Cleco, which owns five Louisiana power plants. The private equity firm was launched by ex-contractor Chairman Jim Bernhard in 2024 from proceeds of his sale of The Shaw Group to CB&I. In a press release, Bernhard Partner and Chief Investment Officer Mark Spender called Bowman’s services and end markets “well aligned” with Bernhard’s portfolio. “As generationally strong investment continues across infrastructure, utility and industrial markets, we believe Bowman is ideally positioned to capitalize on these trends.”