Economic Development

Middlesex 3 Members McMahon Associates, Inc. Merges with Bowman Company.

Bowman expects the McMahon acquisition to initially contribute approximately $28 million of annualized transportation infrastructure-related net service billing and be immediately accretive. Structured as a stock purchase with a joint election under Section 338(h)(10) of the Internal Revenue Code, the $18.5 million acquisition price was financed with a combination of cash, seller notes and approximately 477,000 shares of restricted common stock of Bowman subject to a six-month lock-up agreement. Determination of the final acquisition cost is subject to customary post-closing purchase price accounting. 

“McMahon is well respected throughout the transportation field and will be an outstanding addition to our firm,” said Gary Bowman, CEO of Bowman. “Their leadership and team of consummate professionals bring tremendous value to our staff, our clients and our shareholders. As we have gotten to know McMahon’s business, we have become highly confident that this complementary combination will have a long-term positive impact that will be much greater than the sum of the parts.”

“The array of transportation services we can collectively provide our clients will continue to grow as client needs dictate, while we continue to deliver on our commitment to personalized attention on every project,” added Bowman. “The addition of McMahon will provide a broad platform from which to continue growing our share of the transportation market throughout the nation. We are just getting started on our 2022 acquisition program and I am pleased that we continue to deliver on our commitment to strategic growth initiative in such a meaningful way. Everyone at Bowman joins me in welcoming the employees, clients and business partners of McMahon.”

“For over 45 years, McMahon has specialized in delivering forward-looking transportation, planning, engineering and technology solutions to our clients”, said Joseph DeSantis, President and CEO of McMahon. “Our success is the result of the commitment and dedication of our employees, many of whom have been with the firm for most of their professional careers. Bowman is a well-established and culturally compatible firm with services that are complementary to ours. By joining up with Bowman we gain access to new resources and technologies that allow for an even greater investment in the delivery of innovative transportation solutions to our clients while continuing to offer the same personal attention and trusted relationships our clients have come to expect from us.”

“This partnership between McMahon and Bowman highlights the alignment of our cultures, our focus on growth and opportunity for our people, and our combined entrepreneurial spirit,” added DeSantis.  “McMahon has always been thankful for our clients and committed to contributing to our communities. We look forward to continuing in this fashion with Bowman’s first-rate organization.”

“This is our second acquisition in 2022 and is a significant step toward our stated goal of acquiring $75 million of annualized net revenue this year,” said Bruce Labovitz, Bowman’s CFO. “The addition of McMahon nearly triples our transportation infrastructure business which will, over time, meaningfully impact our composition of revenue by market. While the acquisition is within our target multiple range, we believe McMahon’s operating margins will benefit from being part of Bowman and ultimately improve the effective multiple. As is our practice, we will provide more detailed information on our M&A activities and communicate updates to guidance in connection with scheduled quarterly communications.”

About McMahon Associates, Inc.

Since 1976, McMahon has specialized in delivering a broad array of innovative transportation planning and engineering services to private and public sector clients. The firm has built trusted and lasting relationships by surpassing the expectations of its clients. With over 200 dedicated professionals working out of 15 offices throughout the East Coast, McMahon has the talent, experience, and expertise to take on any transportation challenge. Additional information on McMahon, its team, and its projects can be found at mcmahonassociates.com.

MOBD District Map

EDIP and Vacant Store Front Applications are Now Online

The state’s Economic Development Incentive Program is now fully online!

All 5 applications, Preliminary Application, Supplemental Application (sent pre-populated to appropriate companies), Local incentive Only Application, Vacant Storefront District, and Vacant Storefront Project can now be accessed via Massachusetts Office of Business Development | Mass.gov or Economic Development Incentive Program (EDIP) | Mass.gov

The Preliminary and Local Only Applications can be found on this page:

Economic Development Incentive Program (EDIP) | Mass.gov

The Vacant Storefront Applications are located here:

Massachusetts Vacant Storefronts Program (MVSP) | Mass.gov

A friendly reminder of application deadlines: Preliminary Applications were due to your MOBD Regional Director by COB on July 13th. All other applications and associated paperwork from the municipality will be due by COB on August 17th.

Burlington Celebrates Independent Retailer Month

July is Independent Retailer Month and the Town of Burlington is diving right in! They are highlighting local businesses in the area located at Wayside Commons. Continuing this trend is a contest to name Burlington’s Town Center “Pocket Park”. The park space is available anytime for pop-up events for businesses, their patrons, impromptu meetings, or just to eat lunch. To book an event contact ED@burlington.org

The Town of Burlington’s “Pocket Park” will be housing a community beer garden as a way to bring more food traffic and business into the town center. These will take place on Thursday’s September 8th through the 29th. Town Center businesses are encouraged to participate (selling food, raffles, coupons, holding promos, etc.). Reach out to ED@burlington.org for more information on how to get involved!

Free Tailored Training and Capacity-building Cohorts for Nonprofit Professionals

Applications for theMassachusetts Community Foundation Partnershipcohort program have been extended until February 4th. The program will offer free tailored training and capacity-building cohorts for nonprofit professionals across the state.Cohort applications are free and open to all. Participation is limited to 30 people per program track.

To register click here

A coalition of 15 community foundations, this partnership began in the wake of COVID-19 and has continued to support the nonprofit sector ever since. For more information on the history and a list of members,please visit this page.

Now Accepting Applications for the 2022 Eddies Global Innovation Showcase ( Tuesday, March 22, 2022)

The Eddies Global Showcase sheds light on8-10International Innovative Companiesthat plan tosoft-land or launchoperations in New England, or havejust enteredthe US market and areheadquarteredin the area. It serves as anInnovation Bridgebetween countries, and offers aVirtual Debutto the area’s ecosystem. Anyone and everyone is welcome tonominate/proposea company, byemailingthe name, contact email, and product/technology of the proposed company.

Application Deadline: Friday, January 14th,2022,or when all available spotshave been filled, whichever happens first.

Click here to apply and for more information!

EDAS BUILD BACK BETTER PROGRAM

TheBuild Back Better Regional Challengeis designed to assist communities nationwide in their efforts to build back better by accelerating the economic recovery from the coronavirus pandemic and building local economies that will be resilient to future economic shocks.

EDA invites eligible applicants to form regional coalitions to apply for funding to implement a collection of three to eight distinct but related projects in their region, in coordination with industry and community partners, and aligned around a holistic vision to build and scale a strategic industry cluster. Applicants should identify one key coordinating lead institution per regional cluster to lead the concept and projects into the implementation phase, while fostering collaboration and coordinating resources to ensure these investments have the greatest economic impact on our communities, regions, and the nation.

For more information click here!