News from Great Lakes Dredge & Dock Corporation
For further information contact:
Deborah A. Wensel, Chief Financial Officer
630-574-2948
MADISON DEARBORN PARTNERS, LLC TO ACQUIRE
GREAT LAKES DREDGE & DOCK CORPORATION
Oak Brook, Illinois -- November 12, 2003 -- Great Lakes Dredge & Dock Corporation
announced today that it has signed a definitive agreement along with its current majority-owner,
Vectura Holding Company LLC, a portfolio company of Citigroup Venture Capital Ltd., to sell
the Company to an affiliate of Chicago-based private equity investment firm, Madison Dearborn
Partners, LLC, for $340 million in cash.
Madison Dearborn Partners and its affiliates manage equity capital in excess of $7.5 billion and
invest in companies that have strong management teams and prospects for significant long-term
appreciation in equity value. In addition to having invested in a variety of general manufacturing
and service industries, Madison Dearborn’s principals have developed investment expertise in
several specific industry sectors, including basic industries, communications, health care,
financial services, middle market, and consumer.
The sale of Great Lakes Dredge & Dock Corporation is subject to customary closing conditions
including review under the Hart-Scott-Rodino Act. The transaction is targeted to close by the
end of 2003. All financing necessary to complete the transaction is committed. Credit Suisse
First Boston and Dechert LLP advised Citigroup Venture Capital on the transaction. Lehman
Brothers acted as the financial adviser to Madison Dearborn Partners and Kirkland & Ellis LLP
acted as the legal adviser.
Citigroup Venture Capital Ltd. along with management purchased Great Lakes in July of 1998.
Citigroup Venture Capital Ltd. is the equity investment arm of Citigroup and manages over $10
billion of assets. Douglas B. Mackie, president and chief executive officer of Great Lakes
Dredge & Dock Corporation, said, “We have enjoyed our association with CVC a