Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services, today announced it has acquired the assets of Terra Contracting, LLC (“Terra”), one of the nation’s premier providers of a wide variety of essential services for environmental, maintenance and infrastructure-related applications for approximately $20 million. Terra’s remediation, maintenance/repair, abatement and emergency response services provide corporate and governmental customers with one of the industry’s broadest arrays of project-critical environmental solutions. Seller proceeds will be used to pay down debt and provide a return of equity to ownership.
Headquartered in Kalamazoo, MI, Terra employs approximately 200 engineering, operations and administrative staff and serves customers in more than thirty states in the environmental, infrastructure, energy, industrial, transportation, waste water and construction sectors. Terra’s services include the removal and remediation of contaminated sediment, soil and groundwater, superfund site clean-ups, hazardous waste removal and brownfield site restoration, facility and equipment decontamination and decommissioning, tank cleaning, hazardous materials abatement, emergency response services, and municipal utility, sewer and wastewater infrastructure maintenance, inspection and refurbishment.
Great Lakes CEO Jon Berger stated, “The Terra acquisition fits our strategic vision to gain a stronger foothold in the environmental remediation market. Terra will broaden our demolition segment with additional services and expertise as well as expand our footprint in the Midwest. Terra reinforces our efforts to develop relationships with larger industrial and governmental clients. Additionally, our rivers & lakes operations can leverage Terra’s environmental remediation focus to accelerate its participation in the environmental dredging market.”
President and COO Bruce Biemeck stated, “With Terra comes a seasoned, highly knowledgeable and experienced management team, including owner Steve Taplin, all of whom are excited to team with Great Lakes to grow the environmental remediation business. We look forward to working with the Terra team to leverage our combined technical expertise and expanded asset base to broaden the Great Lakes footprint and market reach in this strategic market sector, while providing Terra with the resources and financial capability to grow into new services and geographic regions. Steve Taplin has been named President of the new company, Terra Contracting Services LLC and believes this transaction will be very positive for the company he founded in 2001.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts