MARKET

Bowman Expands Survey, Geomatics and Civil Engineering Practice Through Acquisition of 1519 Surveying, LLC

Bowman Consulting Group Ltd. | December 27, 2021

Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), announced the acquisition of 1519 Surveying, LLC (“1519”). Established in 1974 and headquartered in Waco, Texas, 1519 delivers a variety of engineering and survey solutions to a diverse base of private and public clients. Services include land surveying, aerial imaging, GIS mapping, 3-D laser scanning and civil engineering. Under the continuing leadership of Aaron McMillan and David Dossey, 1519’s staff of 35+ professionals work from Waco and Fort Worth offices for clients focused on renewable energy, public works, oil and gas and land development.

"With 1519, Bowman adds tremendous depth in the Texas surveying, engineering and geomatics markets, The 1519 team is an impressive group with a solid command of their markets and an appetite for growth that aligns well with Bowman’s strategy. 1519 is a recognized leader in serving the energy transition market with broad experience in large scale wind farms and utility scale photovoltaic facilities. The firm’s experience with the Texas DOT fits well with our commitment to growing our transportation and infrastructure business. When it comes to oil and gas clients, the professionals at 1519 are highly experienced in providing services to the upstream and midstream petrochemical industry. We’re excited to begin working together and integrating the 1519 team into Bowman’s national network.”

-Gary Bowman, CEO of Bowman.

Bowman is a perfect fit for us,” said Aaron McMillon, president of 1519. “We have always valued growth but have been constrained in our ability to truly accelerate our business expansion. That all changes now that we are a part of Bowman. We are all-in with the Bowman story and are pleased that their leadership recognizes the potential we contribute for growth both in our existing markets and throughout Bowman. Our common commitment to the core values of innovation, safety and customer first were a big part of our decision to join with Bowman.

The acquisition, which the Company expects to be immediately accretive, was financed with a combination of cash, seller financing, and stock. The Company expects the 1519 acquisition to initially contribute more than $5.5 million of annualized net service billing.

This is our sixth acquisition since going public in May, our seventh for the year, said Bruce Labovitz, Bowman’s CFO. This brings our annualized acquired revenue in 2021 to over $30 million. As with prior acquisitions, the 1519 transaction is within our target multiple range and it meets all of our objectives for operating performance metrics. As is our practice, we will provide more detailed information on M&A activities and pipeline in connection with scheduled quarterly communications.

About 1519 Surveying, LLC
1519 Surveying, LLC (1519) is a professional services firm focused on providing exceptional service while meeting the highest industry safety standards. The company has been serving the renewable energy market, oil and gas clients, and municipalities and state agencies throughout Texas for more than 40 years. The company specializes in services that include land surveying, civil engineering, aerial services, geographic information systems (GIS) solutions, and 3D laser scanning. Additional information on 1519, its team, and its projects can be found at www.1519llc.com.

About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering innovative infrastructure solutions to customers who own, develop, and maintain the built environment. With 950 employees and more than 35 offices throughout the United Sates, 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. On May 11, 2021, Bowman completed its $51.7 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit www.bowman.com.

Spotlight

The Engineering Garage is not your Dad’s garage. It’s a creative, spacious, open-concept makerspace with two classrooms and a workshop area flanked by team cages and equipment for student use. It’s a space that invites collaboration and inspiration. The Garage is located at 1960 Arthur St. on the northeast side of Belknap Campus.


Other News
MARKET

Palantir Technologies to Expand in South Korea

Palantir Technologies | January 10, 2022

Hyundai Heavy Industries (HHI) Group and Palantir Technologies Inc. (Palantir, NYSE: PLTR), a leading builder of operating systems for the modern enterprise, will collaborate to build a big data platform for HHI’s core businesses, including shipbuilding and offshore engineering. The two parties will also consider establishing a joint venture to promote the big data platform business in the mid- to long-term. HHI Group and Palantir signed a memorandum of understanding on January 4 for the establishment of the big data platform and a joint venture. The signing event was held in a hybrid online and offline format one day before “CES 2022” and was attended by Kisun Chung, CEO of Hyundai Heavy Industries Holdings; Young-cheul Cho, CEO of Hyundai Doosan Infracore; Seok Cho, CEO of Hyundai Electric; as well as chief executives from Palantir Technologies. Based on the agreement, HHI Group and Palantir will jointly build a big data platform for the Group’s key affiliates related to shipbuilding & offshore engineering, energy, and industrial machinery. HHI Group will provide the affiliates’ process expertise and sales know-how whereas Palantir will offer software and development personnel. Once the big data platform for each affiliate is built, the two parties plan to create a joint venture that specializes in developing and selling big data platform services. Based on the accumulated achievements, the joint venture will commercialize big data solutions from platform construction to operation to generate sales targeting domestic and foreign companies. Hyundai Heavy Industries, a shipbuilding and offshore engineering affiliate of HHI Group, is working on the “Future of Shipyard (FOS)” project to transform itself into a smart shipyard, the first of its kind in the world, by 2030. All processes from design to production are connected in real time to build a shipyard that enables smart work management where Palantir’s Foundry data platform is applied. The big data platform will also be adopted by energy affiliates, such as Hyundai Oilbank. The energy company plans to build a platform at its plant in Daesan, South Chungcheong Province, South Korea, for five years from this year with a strategy to maximize process efficiency by integrating more than 100 production management systems into one. Hyundai Doosan Infracore, an affiliate of industrial machinery, already developed “DI 360,” a big data collaboration platform, with Palantir Technologies in 2019, and is currently using it to manage its parts supply chain, handle on-site quality claim issues, and seize sales opportunities. HHI Group and Palantir Technologies are also planning to consider building a platform for other affiliates, such as Hyundai Construction Equipment. Heavy Industries HoKisun Chung, CEO of Hyundaildings, said, “We expect that this partnership with Palantir Technologies will substantially improve the competitiveness of core businesses of the Group. It will be an important turning point in innovation of organizational culture that changes the way we work using data.” “HHI Group shaped one of the most significant industries of the twentieth century and is absolutely vital to the lives we lead,We are deeply grateful for the opportunity to partner with a company that is not only a leader among the world’s industrial giants but one whose continued growth and success are critical to our collective welfare and security.” - Alexander C. Karp, co-founder and chief executive officer of Palantir Technologies Inc About Palantir Technologies Inc. Palantir Technologies Inc. builds and deploys operating systems for the modern enterprise. Additional information is available at https://www.palantir.com.Who dares, wins.

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ENGINEERING TECH

Tianyuan Construction Group to Complete China's Longest Bridge Jacking Reconstruction Project

Tianyuan Construction Group | March 26, 2022

Tianyuan Construction Group, one of China's top 500 construction companies, will complete the renovation of Yihe Bridge, located on Beijing Road in Linyi city, Shandong province, in early April, concluding China's largest and longest bridge jacking reconstruction project by area and length respectively. Located on Beijing Road in the south of the city, Yihe Bridge was 1,210.72m-by-23m with a jacking height of 1,050m. After renovation, it will be 1,792m-by-52m. "The successful completion of the Beijing Road Yihe Bridge jacking project will greatly ease the traffic situation between Beicheng New District and Hedong District" Li Baoqiang, charge of the reconstruction project from Tianyuan Construction Group Reconstruction involves the simultaneous lifting of two new 15m-wide bridges on the north and south sides of Yihe Bridge. The entire upper structure of the old bridge will be lifted by 2.57m. The lifting of the northern and southern sections was completed in November 2021 and February 2022 respectively. Currently, the cover beam of the southern section is being heightened and is on track for completion in early April. The entire project is planned to complete before October 1, 2022, which will ensure that traffic on both sides of the Yi River is smooth, spurring the regional economy. Main challenges faced In order to ensure safety during the bridge jacking process and ensure that equipment is stable, 19 sets of limiters were installed on the bridge deck, preventing vertical and horizontal displacement of the beam body during the jacking process. Beijing Road Yihe Bridge was lifted via an alternate lifting process. This process involves two sets of jacks being lifted synchronously underpinned by support. This method allows for continuous lifting of the entire jacking process, ensuring efficiency and control. Furthermore, a PLC hydraulic synchronous control system was incorporated to ensure synchronization and structural safety. Reasons for bridge jacking As Beijing Road Yihe Bridge is a transportation hub connecting New Beicheng and Hedong districts, it is important that it functions well and safely. Bridge jacking is essential for the repair and maintenance of bridges. In November 2019, dynamic and static load tests were carried out on Beijing Road Yihe Bridge. The tests showed that the bridge met bearing capacity requirements and had sufficient safety reserves. Therefore, there was no need to demolish the old bridge. To meet flood control requirements, in which the minimum elevation of the bottom beam has to be 0.8m higher than the 100-year flood level of 72.36m, the superstructure of the old bridge also had to be raised by 2.57m. Furthermore, the current bridge is supported by a 30m-wide simple support box girder. However, as there are many piers and columns under the bridge, a 60m-wide girder was recommended instead for a better bridge view.

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CONSTRUCTION

Leading Provider of Construction Systems Chooses Piedmont’s Atlanta Galleria for New Corporate Headquarters

Piedmont Office Realty Trust | March 28, 2022

Piedmont Office Realty Trust, Inc. an owner of Class A office properties located primarily in the Sunbelt, today announced that it has signed a 50,000 square-foot lease through 2034 with a leading provider of construction systems. The company will move its global headquarters to 600 Galleria Parkway, one of five buildings owned by Piedmont and known as the Atlanta Galleria Office Park. “We are thrilled that Atlanta Galleria has been selected for a new worldwide headquarters location, Galleria’s vibrant environment, along with its unmatched, recently modernized onsite amenity set, and superior accessibility make it the ideal location for innovative companies that are looking to recruit and retain valuable talent in today’s competitive workplace.” Alex Valente, Piedmont’s local Executive Vice President Conveniently and uniquely connected to Truist Park and The Battery by a pedestrian bridge, the Atlanta Galleria Office Park’s 2.1 million square feet include five office buildings and three development sites surrounding a 6-acre, centrally located park, all with skyline views and with prominent visibility and direct access to major thoroughfares, I-75 and I-285. The Galleria also includes amenities such as a large, updated, on-site fitness facility, restaurants, and access to the Renaissance Waverly Hotel & Convention Center, as well as expansive outdoor collaboration space. Building 600 offers prominent signage opportunities facing I-75 and I-285. About Piedmont Office Realty Trust Piedmont Office Realty Trust, Inc. is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in the Sunbelt. Its approximately $5 billion portfolio is currently comprised of approximately 17 million square feet. The Company is a fully integrated, self-managed real estate investment trust (REIT) with local management offices in each of its markets and is investment-grade rated by S&P Global Ratings (BBB) and Moody’s (Baa2). Piedmont is a 2021 ENERGY STAR Partner of the Year.

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CONSTRUCTION

Embrey Management Services (EMS) Selected To Manage Soneto On Western Apartments in Katy, Texas

Embrey | December 24, 2021

Nationally recognized and award-winning Embrey Management Services (EMS) has been selected to provide residential services for Soneto On Western located in Katy, Texas. The 330-unit community, formerly known as Lenox Grand Crossing, is part of the highly desirable Cinco Ranch neighborhood that is known for being family friendly and provides easy access to shopping, dining and entertainment.We chose Embrey Management Services because of their deep understanding of the market and the exceptional level of service they provide to residents," said Josh Kogel, Vice President for The Praedium Group, which owns the community. "Embrey's background as a fully integrated real estate investment firm and a highly regarded developer allows their team to take a unique approach to property management to deliver an exceptional living experience to our residents. Designed to surpass the high expectations of residents, the one-, two-, and three-bedroom units feature wood-style flooring, gourmet kitchens with granite countertops, smooth-top ranges, stainless steel appliances, deep single-basin sinks and brushed nickel finishes. The luxury residences feature walk-in closets, private yards, patios or balconies, detached garages and full-size washers and dryers. Community amenities include two resort-style pools with sundecks, a large central pavilion and cabanas, a state-of-the-art fitness center, a community work lounge with private workspace, a club room with a demonstration kitchen and a pet park with a dog station. "Embrey is known for building and managing properties that feel like home,We are proud to partner with the Praedium Group as their residential management company to showcase the premier community." -Allyson McKay, Managing Director and Executive Vice President of Embrey Management Services Division About Embrey San Antonio-based Embrey Partners LLC is a diversified real estate investment company that owns, develops, builds, acquires and manages multifamily residential communities and commercial assets in targeted markets across the United States. Since 1974, Embrey has developed more than 44,000 apartments and over 6 million square feet of commercial property. Embrey is a leading developer in the multifamily sector, with more than 6,000 units under construction or in development. www.embreydc.com

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Spotlight

The Engineering Garage is not your Dad’s garage. It’s a creative, spacious, open-concept makerspace with two classrooms and a workshop area flanked by team cages and equipment for student use. It’s a space that invites collaboration and inspiration. The Garage is located at 1960 Arthur St. on the northeast side of Belknap Campus.

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