Transportation

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.

Pedal to Work and Win! Join the Bike Month Challenge

September is bike month in Massachusetts and M3 Coalition & M3 TMA members are invited to take this month’s Bicycle Challenge! Pedal to work and log your miles. Each trip gets you closer to winning a $50 gift card!

All participants will automatically be entered and qualify for even more prizes as part of the statewide MassCommute Bicycle Challenge (MCBC), September 19 – 26, 2021. No need to enter your biking trips twice! 

Click the button below to take the challenge!

New Online Tool for Commuters

the ABC TMA team wanted to reach out to share two collaboratively developed tools that were excited about and hope can be helpful to commuters in your service areas. Mully, Christine, Assembly Connect, MASCO, Seaport TMA, and others have collaborated with the MBTA to develop a tool that helps commuters calculate the number of trips needed to break even on the cost of a monthly pass.

For more information check out the link here

For information about the vaccination rate by municipality along each of the commuter rail line take a look at this map

MBTA

Moulton Helps MBTA Secure $859 Million in Funding from American Rescue Plan Act

On Thursday, August 12th,Representative Seth Moulton announced that the U.S. Department of Transportations Federal Transit Administration (FTA) is awarding the Massachusetts Bay Transit Authority (MBTA) with $859.6 million worth of critical funding through the American Rescue Plan. Moulton led a bipartisan effort, with the support of 78 other lawmakers, to include transit relief in the federal response to the pandemic. Read the full press release here.

Complete Street Pilots on Merrimack St. and Pawtucket Boulevard

If you haven’t already visited the Complete Street Pilots at Merrimack Street in front of City Hall and Pawtucket Boulvard in front of Rynne Beach, we encourage you to visit them now! After you’ve walked, biked, rolled, or driven through them, please let Go Lowell know if you felt safe, what you liked and didn’t like via their survey that you can take here!

Massachusetts highways

Federal Transportation Policy Table Update

The House passed the INVEST Act on July 1st that makes significant investments in transportation infrastructure over the next five years.

The $715 billion bill proposes spending on surface transportation as well as drinking water and wastewater infrastructure. A complete detailing of the allocation of funds can be seen here. For further updates and information on this matter, visit Transportation of Massachusetts’ (T4MA) website.

A summary of the funding is as follows:

Roads, Bridges, and Safety: $343 billion

Transit: $109 billion

Passenger and Freight Rail: $95 billion

Drinking Water Infrastructure & Assistance: $117 billion

Wastewater Infrastructure: $51.25 billion