Great Lakes Acquires Matteson

11 January 2011 (Last Updated January 11th, 2011 18:30)

US-based LW Matteson has been acquired by US-based dredging services provider Great Lakes Dredge & Dock Corporation for $45m. The acquisition will be funded with $37.5m in cash and a seller note of $7.5m. The deal includes equipment used by Matteson in its dredging and l

US-based LW Matteson has been acquired by US-based dredging services provider Great Lakes Dredge & Dock Corporation for $45m.

The acquisition will be funded with $37.5m in cash and a seller note of $7.5m.

The deal includes equipment used by Matteson in its dredging and levee construction operations, which includes eight dredges, 13 tugboats, 17 barges, 20 pieces of earth-moving equipment and a host of other support equipment.

Great Lakes said that the acquisition will provide it with the expertise and assets to perform projects on rivers, lakes and levees, and that it expects to add $35m-$40m to its revenue in 2011.