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Madison Dearborn Cashing Out of Great Lakes Dredge, Doubling Original Investment
Madison Dearborn Partners is selling the last of its stake in Great Lakes Dredge & Docks Corp., nearly doubling its original investment in the nearly six years it’s owned the company. The Chicago-based private-equity firm bought the Oak Brook company in December 2003 in a deal valued at $340 million, putting in about $92 million of its own money and borrowing the rest. It took the enterprise public three years later in a deal struck with Aldabra Acquisition Corp., a so-called blank-check company formed for the sole purpose of buying other companies. In August 2007, Madison Dearborn sold a little less than half of its shares, netting about $88 million. On Monday, Madison Dearborn said it plans to sell its remaining 14.3 million shares in a secondary offering, according to a filing with the Securities and Exchange Commission. A Madison Dearborn spokesman declined to comment on how much it could reap from the sale. But based on the $6.30 close on Friday, the shares are valued at about $90 million. Founded in 1890, Great Lakes Dredge gained notoriety in 1992 when it was blamed for breaching a tunnel under the Chicago River, causing water to flood downtown buildings and forcing authorities to shut down businesses and evacuate the Loop. |
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Copyright 2008 Granite Hall Partners, Inc. All rights reserved. |
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