Saltchuk Expands Maritime Portfolio with $1.5 Billion Great Lakes Dredge & Dock Acquisition

In a major maritime industry move, Seattle-based Saltchuk has agreed to acquire Great Lakes Dredge & Dock, the largest dredging contractor in the United States, in a $1.5 billion all-cash deal. According to gCaptain, the 136-year-old Great Lakes Dredge & Dock will continue to operate as a standalone business under Saltchuk's ownership, expanding the latter's already substantial maritime portfolio. The acquisition is subject to regulatory approval and is expected to close in the first half of 2023. 'This transaction represents a unique opportunity to acquire a market-leading business with a strong competitive position, attractive financial profile and significant growth potential,' said Saltchuk CEO Tote Maritime President Tim Nolan. 'We look forward to working with the Great Lakes team to build on their impressive track record and capitalize on the significant opportunities ahead.' Great Lakes Dredge & Dock is a major player in the U.S. dredging market, providing critical services for port infrastructure, coastal protection, and other maritime construction projects. The company operates a fleet of specialized dredging vessels and has a backlog of over $1 billion in projects. The acquisition aligns with Saltchuk's strategy of expanding its maritime services and infrastructure capabilities. Saltchuk, a diversified transportation and logistics company, already has a significant presence in the shipping, logistics, and energy sectors through subsidiaries like Tote Maritime and Northern Aviation Services. 'This transaction will provide Great Lakes with additional resources and expertise to drive continued growth and innovation,' said Great Lakes Dredge & Dock CEO Lasse Petterson. 'We are excited to join the Saltchuk family of companies and look forward to the next chapter of our company's storied history.'