Bernhard Capital to Take Bowman Consulting Private in $1B Deal
Private equity firm Bernhard Capital Partners has agreed to acquire Bowman Consulting Group Ltd. in a take-private transaction valued at approximately $1 billion, including debt.
Under the terms of the agreement, Bernhard Capital will acquire all outstanding shares of Bowman for $43 per share in cash. The purchase price reflects an approximate 58% premium to Bowman’s unaffected closing share price on Friday, Aug. 7, 2026.
Reston, Virginia-based Bowman provides engineering, environmental, and program management solutions across national infrastructure, utility, and industrial markets.
“Bernhard is a deeply experienced investor who understands our markets, our clients, our acquisition-enabled growth strategy, and respects the entrepreneurial culture that drives our success,” Gary Bowman, founder and chief executive officer of Bowman Consulting Group, said.
Mark Spender, partner and chief investment officer at Bernhard Capital, added that Bowman is uniquely positioned to capitalize on sustained, generational investment tailwinds across critical infrastructure sectors.
The merger agreement includes a 35-day “go-shop” period expiring Sept. 13, 2026, allowing Bowman’s board to actively solicit and evaluate alternative acquisition proposals. The firms did not provide additional details regarding financing, management changes, or Bowman’s operations following the acquisition.
Bowman’s board of directors unanimously approved the deal. Subject to shareholder approval, regulatory clearances, and the go-shop outcome, the transaction is expected to close in the fourth quarter of 2026 or the first quarter of 2027.
BofA Securities is serving as exclusive financial advisor and Latham & Watkins LLP is serving as legal counsel to Bowman. Collected Strategies is serving as strategic communications advisor. Kirkland & Ellis is serving as legal counsel to Bernhard Capital Partners.
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