Bowman acquires DC-based Richter & Associates

07 April 2023 2 min. read
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Bowman Consulting Group, a Reston, VA-based infrastructure engineering consultancy, has acquired Richter & Associates, a Rockville, MD-based dry utilities engineering firm.

Founded in 1989, Richter helps builders design, develop, and implement natural gas, electric, and telecommunications infrastructure. The firm works with home builders, commercial real estate developers, utility firms, and local government clients.

Richter has worked on major projects such as The National Gallery of Art, the MGM Hotel at National Harbor, and the International Monetary Fund headquarters.

“As development issues relating to electric, natural gas, telecommunications, alternative energies, streetlighting, and traffic signaling became more complex, development costs escalated and frustration increased,” said Steve Richter, founder and CEO of Richter. “An opportunity presented itself for a firm to navigate and intercede with utilities and public agencies on behalf of infrastructure planners, developers, and owners. We have had great success over the years and have built lasting customer relationships.”

Bowman acquires DC-based Richter & Associates

Bowman’s acquisition of Richter is part of the firm’s plans to increase revenue from assignments in power and utility. It will also further expand its presence in the DC metro area.

Bowman is the ninth-largest engineering firm in the region, with metro area billings of $37.5 million in 2022, according to Washington Business Journal Research. The three largest firms in the DC market by revenue are Dewberry ($167.8 million), WSP ($124.3 million), and Aecom ($111.35 million).

Bowman, which is listed on the Nasdaq, expects the Richter deal to add approximately $5.5 million to its annual billings.

“Every structure built requires coordinated orchestration of last-mile utility engineering and interconnection with multiple utility providers,” said Gary Bowman, CEO. “Richter has built a solid foundation of experience and an impeccable reputation from which we can grow this service nationally. There is tremendous revenue synergy to be derived from this combination.”

The Richter deal is part of flurry of acquisitions since Bowman went public in May 2021. The firm has bought more than a dozen firms in the last two years, including Spatial Acuity, an Austin-based 3D modeling and reality capture firm; Anchor Consultants, a Chadds Ford, PA-based marine engineering consultancy; and Terra Associates, a Houston-based civil design and engineering firm.

Bowman has grown to more than 1,700 employees in 70+ offices nationwide. The firm grew revenue by 74% to $261.7 million in 2022 on the back of its ambitious M&A program.