Assignar | September 30, 2022
Assignar, the global leader in cloud-based construction operations software, today announces the expansion of its business operations into the United Kingdom. Assignar’s initial expansion will target the heavy civil, excavation, demolition and rail sectors.
The company is designed to bring all construction operations under a single view, making it particularly effective for highly regulated verticals. The platform allows contractors to remain compliant and safe in their operations with real-time visibility and communications across multiple projects.
“Assignar was designed from a boots-on-the-ground perspective because it’s the solution I needed for my contracting company, Contractors don’t need a hands-off management system. They need a tool they can take into the field that solves for common operational problems. And that’s what Assignar is purposefully designed to do.”
-Sean McCreanor CEO Assignar.
Construction in the UK has experienced impressive growth in recent years, and experts predict the industry to grow an additional 14% in 2022 alone. Additionally, the recent passing of the National Infrastructure and Construction Pipeline will funnel an additional £650 billion into the industry over the next ten years.
In recent years, the software provider has partnered with numerous UK-based contracting companies for their operations in Australia. Continued success with these clients, along with strong similarities between the nations’ construction markets, made this expansion a natural next step. The company aims to get a sample size of UK customers by the end of 2022 and will expand the team from there.
“It’s really exciting to be on the ground as we begin to expand our presence in the country and look to bring improved operations to the construction industry, I’ve been reaching out to local contractors and people from my time working as a civil engineer. They’ve responded with a lot of excitement, especially in the traffic management and highway sectors. From my own experience, I know the UK market is more than ready for the tools offered in the Assignar platform.”
-Mark Milner, a Senior Account Executive at Assignar.
London is a fantastic place to scale a global tech business, said Laura Citron, CEO of London & Partners. That's why we're delighted to welcome Assignar to London this October and are thrilled they have chosen to grow their team and operations in our thriving ecosystem. I look forward to seeing how Assignar will continue to go from strength to strength in providing safety and compliance for the UK's construction sector.
Assignar is the global leader in cloud-based construction operations. Its platform helps self-perform general and subcontractors improve productivity and operations, such as labor, crew and equipment management, resource-loaded scheduling, field data, timesheets, and more. Assignar works with hundreds of customers, ranging from multinational, multi-billion-dollar companies to specialist contractors with as few as five crews. Assignar’s customers operate in infrastructure, road, rail, civil, utilities and other construction disciplines. The company has offices in Denver, Colorado and Sydney, Australia and is backed by Tiger Global, SecondQuarter Ventures, Fifth Wall, Ironspring Ventures, Our Innovation Fund (OIF) and Tola Capital.
Bowman Consulting | August 30, 2022
Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the purchase of Anchor Consultants LLC (“Anchor”). Headquartered in Chadds Ford, Pennsylvania, Anchor specializes in the planning, inspection, design, environmental permitting, dredging engineering, and construction management of waterfront infrastructure along coastal and inland waterways throughout North America. Under the leadership of Ahmad Nadeem, PE, the company’s founder, Anchor’s experience ranges from industrial ports and harbors to urban waterfront development. On the industrial side, Anchor services facilities handling bulk materials and containerized freight. On the urban side, Anchor services commercial and mixed-use waterfront developments, ferry terminals, and recreational docks. Anchor has also worked on military port facilities and cruise terminals.
“The acquisition of Anchor furthers our diversification initiative adding to our customer base that builds and maintains critical infrastructure, Ports and harbors are a critical component of the nation’s infrastructure and Anchor provides us with a solid platform from which to build our presence and market share in this growing space. Ahmad has built a great team of experienced marine engineers serving an impressive list of clients with a broad array of services. Their expertise in waterfront planning, design and engineering will enable us to provide these services to many of our current clients and gain immediate cross-selling opportunities for our client relationship managers.”
-Gary Bowman, CEO of Bowman.
Bowman’s vision for expanding Anchor's business was extremely compelling to us, said Ahmad Nadeem, founder of Anchor. Being part of a larger organization with more resources and a national footprint will no doubt facilitate accelerated growth for us. Bowman’s culture aligns with what we have worked so hard to build here at Anchor and that was a major factor in our decision to join with them. We are grateful for the trust that Gary and his team have placed in us to build Bowman’s ports and harbors and waterfront engineering practice.
The Company expects the Anchor acquisition to initially contribute approximately $2.5 million of annualized net service billing and be immediately accretive. The transaction was financed with a combination of cash and notes including an unsecured seller note and a convertible seller note with an $18.00 per share conversion option.
“Anchor is our fifth acquisition of 2022, bringing the total annualized net revenue we have acquired this year to just under $50 million, The Anchor acquisition, which was transacted well within our target multiple range, meets all objectives for operating metrics, revenue synergy and cross-selling opportunities. As is our practice, we will provide more detailed information on M&A activities, pipeline, and guidance in connection with our scheduled quarterly communications.”
-Bruce Labovitz, Bowman’s CFO.
About Anchor Consultants:
Anchor Consultants, LLC provides engineering services related to waterfront facilities with primary focus on port facilities. The highly skilled engineers of Anchor have extensive experience in feasibility studies; cost estimation; planning; under and above water inspection & investigation; design; permitting; construction inspection & management; dredging; and claim and litigation support. Anchor uses state of the art technology for analysis and design projects. Anchor’s client list includes both public and private clients. Anchor’s engineers have planned, analyzed, permitted, and designed numerous waterfront facilities. Anchor has also engineered the dredging of port facilities including sediment sampling and testing, environmental permitting, securing AUD, and managing the dredging and disposal operations.
About Bowman Consulting Group Ltd:
Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 1,700 employees and more than 65 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN.
The Timken Company | September 07, 2022
The Timken Company, a global leader in engineered bearings and industrial motion products, has reached an agreement to acquire GGB Bearing Technology (GGB), a division of Enpro, Industries (including exclusive negotiations with respect to the French operations of GGB). Founded in 1899, GGB serves a variety of diverse customers, markets, geographies and applications with a product portfolio that complements existing Timken industry-leading engineered bearing solutions. GGB revenue is expected to be around $200 million in fiscal year 2022.
"GGB has a strong heritage of delivering high-performance products to well-established customers who are leaders in their respective industries, This acquisition provides strong synergies and meaningfully expands our business by adding complementary products with a solid growth outlook. GGB's leading portfolio of metal-polymer bearings will further Timken's ability to deliver the best solution to our customers' most challenging friction management applications. GGB also presents an excellent cultural fit for Timken, including a commitment to corporate social responsibility with a portfolio of environmentally sustainable solutions."
-Richard G. Kyle, Timken president and chief executive officer.
GGB is a global technology and market leader of premium engineered metal-polymer plain bearings with expertise in material science, surface engineering and tribology. With manufacturing facilities across the United States, Europe and China, GGB employs approximately 900 people and has a global engineering, distribution and sales footprint. The company's tribology solutions in plain bearing coatings complements Timken's leading positions in roller and ball bearings. GGB's products are used mainly in industrial applications, including pumps and compressors, HVAC, off-highway, energy, material handling and aerospace.
Timken will fund the transaction with cash on hand and its existing revolving credit facility. The deal is subject to customary closing conditions and is expected to close in the fourth quarter of this year. Timken anticipates the acquisition will be accretive to earnings in the first full quarter after closing.
About The Timken Company:
The Timken Company designs a growing portfolio of engineered bearings and industrial motion products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $4.1 billion in sales in 2021 and employs more than 18,000 people globally, operating from 43 countries. Timken has been recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, and America's Best Employers, Best Employers for New Graduates and Best Employers for Women by Forbes.