Bernhard Capital Partners Completes $1 Billion Bowman Buyout
The infrastructure-focused private equity firm closed the all-cash acquisition at $43.00 a share, a 58% premium to Bowman’s unaffected close, and the engineering firm became privately held.
Bernhard Capital Partners completed its previously announced acquisition of Bowman Consulting Group Ltd. (BWMN) on November 6, 2026, in an all-cash transaction valued at approximately $1 billion, paying $43.00 a share and taking the national engineering services firm private.
With the closing, Bowman became a privately held company backed by Bernhard. Bowman’s common stock has ceased trading and will be delisted from Nasdaq.
The purchase price represented a premium of approximately 58% to Bowman’s unaffected closing share price on August 7, 2026, and a 57% premium to the company’s 30-day volume-weighted average share price.
Bernhard, an infrastructure and services-focused private equity firm, said the deal brings together Bowman’s technical capabilities, client relationships, and national reach with its own industry expertise and track record supporting the growth of critical infrastructure services businesses. Together, the companies said they will pursue opportunities to build on Bowman’s established strategy of organic growth and strategic acquisitions, expand its technical capabilities, and strengthen its presence across key infrastructure markets.
“Bowman has built a well-established business by bringing together talented people, investing in technical expertise and delivering results,” said Mark Spender, Partner and Chief Investment Officer at Bernhard. “As clients take on larger and more complex infrastructure projects, they increasingly need partners who can deliver across multiple disciplines and geographies. Bowman’s breadth of capabilities and national reach position it well for continued growth, and we look forward to supporting the team as it strengthens its ability to serve clients across the country.”
Bowman, headquartered in Reston, Virginia, provides planning, design, engineering, geospatial, survey, construction management, environmental consulting, and land procurement services to customers who own, develop, and maintain the built environment. The company has more than 2,500 employees and over 100 offices throughout the United States, plus four offices in Mexico.
Founder and Chief Executive Officer Gary Bowman said that since becoming a public company in 2021, the firm has significantly expanded its capabilities and built a national platform positioned to address increasingly complex infrastructure needs, and that Bernhard is a deeply experienced investor who understands its markets, clients, and acquisition-enabled growth strategy.
The merger agreement included a 35-day “go-shop” period during which Bowman, with financial advisor BofA Securities, solicited alternative acquisition proposals. The period expired at 5:00 p.m. Eastern Time on September 13, 2026. The company contacted 76 potentially interested parties, entered into confidentiality agreements with eight, and received no proposals before expiration. No party represented an “Excluded Party” under the merger agreement.
BofA Securities served as exclusive financial advisor and Latham & Watkins LLP served as legal counsel to Bowman. Kirkland & Ellis LLP served as legal counsel to Bernhard.
Stronger demand supports expansion as pricing diverges
Bowman Accelerates Growth, Agrees to $43-a-Share Buyout