Rocklin-based Magnus Pacific Corp., a provider of construction and environmental remediation services, is being acquired by an Illinois firm that offers similar services.
Great Lakes Dredge & Dock Corp., which bills itself as the largest provider of dredging services in the United States, said it acquired Magnus Pacific’s stock in a transaction that includes $25 million in cash, a seller’s note valued at about $14 million and unspecified compensation based on future earnings.
Great Lakes, headquartered in Oak Brook, Ill., said Magnus Pacific is expected to generate about $118 million of revenue in 2014.
Magnus Pacific’s website shows regional offices in Seattle, Denver, Salt Lake City, Dallas, Orlando and Bigfork, Mont. Company services include levee rehabilitation/repair, slurry wall construction, mine reclamation, ground stabilization and wetlands improvements.
“It was very important to Magnus senior management to find the right fit for our company, and we have found that in Great Lakes. With a shared vision to grow and expand, we look forward to a strong partnership,” said Magnus founder and President Louay Owaidat, in a statement.
Call The Bee’s Mark Glover, (916) 321-1184.