Bowman Acquires Lazen Power, Enters High-Voltage Market
Strategic purchase adds high-voltage transmission line design, accelerating the firm's expansion into the power and utilities sector.
Bowman Consulting Group Ltd. (NASDAQ: BWMN) has acquired Lazen Power Engineering, a specialized Florida-based firm, in a strategic move that pushes the company squarely into the high-voltage transmission line (HVTL) design market.
The acquisition, , immediately provides Bowman with critical expertise in the design and construction oversight of overhead power infrastructure, a fast-growing segment of the energy industry. Lazen Power Engineering, founded in 2014, has a proven track record with regional utilities, focusing on services like greenfield design, fire risk mitigation, and asset inspections.
This purchase is a key component of Bowman's long-term strategy to build a comprehensive energy practice covering everything from generation and storage to delivery and maintenance. For the mid-cap consulting firm, with a market capitalization of approximately $722 million, adding HVTL capabilities enhances its credentials for securing larger, competitively bid master service agreements with major power customers.
Financially, the deal is expected to be immediately accretive to Bowman's earnings. Lazen Power Engineering is projected to operate at a net service billing run rate of . The acquisition was financed through a mix of cash, seller notes, and equity.
The move also creates significant synergies with Bowman's existing operations. It complements the company's advanced geospatial services for high-altitude transmission line surveying and its recent acquisition of e3i Engineers, which expanded its capabilities in data center energy infrastructure. By adding adjacent specialties, Bowman aims to increase its share of revenue from the power sector, capitalizing on the growing demand for modernized energy infrastructure.
Mohammed Issa, Lazen's founder, commented that joining Bowman provides a larger platform to serve clients' specialized needs. This sentiment reflects the industry trend of consolidation, where smaller, specialized engineering firms are joining larger platforms to scale their operations and impact.