USA: McGladrey Capital Markets Leads Negotiations as L.W. Matteson Is Acquired by Great Lakes Dredge & Dock Corporation

L.W. Matteson, Inc., a dredging and marine construction company, has been acquired by Great Lakes Dredge & Dock Corporation, the largest provider of dredging services in the United States.

McGladrey Capital Markets initiated the transaction, led the negotiations, and acted as the exclusive financial advisor to L.W. Matteson. The acquisition was funded with $37.5 million in cash and a seller note of $7.5 million.

“The acquisition of L.W. Matteson by Great Lakes Dredge & Dock is strong strategically,” said Brian Boyle, senior managing director at McGladrey Capital Markets. “It will allow Great Lakes Dredge & Dock to further strengthen their capabilities with regards to inland river dredging.”

About L.W. Matteson

Headquartered in Burlington, Iowa on the Mississippi River, L.W. Matteson, Inc. maintains one of the largest fleets of dredging and marine construction equipment on the inland river system. Our fleet consists of eight dredges, 13 tugboats, 17 barges, 20 pieces of earth moving equipment, and a host of other support equipment. A large portion of our equipment fleet is designed to operate in the challenging environment of the upper Midwestern river basins. This equipment operates in shallow draft environments and is portable, allowing it to be deployed into lakes and non-navigable pools or waterways.

About Great Lakes Dredge & Dock Corporation

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and the only U.S. dredging company with significant international operations. The company is also one of the largest U.S. providers of commercial and industrial demolition services primarily in the Northeast. Additionally, the company owns a 50% interest in a marine sand mining operation in New Jersey which supplies sand and aggregate used for road and building construction. Great Lakes has a 120-year history of never failing to complete a marine project and owns the largest and most diverse fleet in the U.S. industry, comprised of over 180 specialized vessels.

About McGladrey Capital Markets

McGladrey Capital Markets LLC (www.mcgladreycm.com) is a global provider of investment banking services to private and public companies with annual revenues of up to $1 billion. The firm’s services include mergers, acquisitions, divestitures, recapitalizations, capital raising, fairness opinions and restructurings. McGladrey Capital Markets, which offers in-depth expertise in many distinct industry sectors, brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives.

McGladrey Capital Markets is affiliated with RSM McGladrey Inc., a professional services firm providing accounting, tax and business consulting. Both firms are indirect subsidiaries of H&R Block Inc. (NYSE: HRB), the world’s preeminent tax services provider. McGladrey Capital Markets’ international headquarters are located in Costa Mesa, Calif. The firm is a member of FINRA.

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Source: businesswire, January 18, 2011

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