DAILY NEWS Feb 6, 2013 11:19 AM - 0 comments

Great Lakes Dredge & Dock acquires Terra Contracting through Allegiance Capital

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Dallas-based Allegiance Capital Corporation, a private merger and acquisition investment bank has announced the acquisition of client Terra Contracting, LLC, by Great Lakes Dredge & Dock Corporation.

In the February 1, 2013 announcement, Allegiance Capital Corporation notes it acted as the exclusive financial advisor to Terra Contracting.

“Allegiance Capital was pleased to represent Terra Contracting, LLC in this transaction,” Vice Chairman at Allegiance Capital Corporation, John Sloan, said in the media announcement. “There are powerful synergies in combining these two fine companies and we see these as a winning strategy for everyone.”

Headquartered in Kalamazoo, MI, Terra Contracting is a premier environmental contracting company that provides environmental services to clients throughout the U.S. Terra offers a wide range of services that include soil, water and sediment remediation; 24-hour environmental response; industrial cleaning; municipal services; abatement services; hazardous waste removal; and other related services. Terra has developed particular expertise in the area of sediment removal and remediation on major river projects.

In the press release announcing the acquisition, 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.”

Terra is expected to generate approximately $45 million of service revenue with 15 per cent EBITDA margins in 2013, while also generating approximately $20 million of pass through transportation and disposal revenue. Terra will add approximately $20 million to Great Lakes' year-end 2012 backlog excluding project option opportunities.

Allegiance Capital Corporation is currently involved in several engagements with other oil field services, environmental and wastewater companies. To view a list of Current Engagements, visit www.AllCapCorp.com. For information on selling a business, call 214.217.7750.


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