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.
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“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.