Great Lakes Dredge & Dock Corp., the largest U.S. provider of dredging services, said it has acquired the assets of L.W. Matteson Inc., a maintenance dredging, environmental dredging and levee construction company based in Burlington, Iowa for $45 million.

The acquisition will be funded with $37.5 million in cash and a seller note of $7.5 million.

“We believe this acquisition provides us the expertise and assets to perform on projects in the rivers, environmental lake dredging and levee repair markets,” Great Lakes CEO Jon Berger said. “We expect to see continued strong and growing demand for each of these segments.”

In addition to dredging, Great Lakes is also one of the largest U.S. providers of commercial and industrial demolition services primarily in the Northeast. Additionally, the Company owns a 50 percent interest in a marine sand mining operation in New Jersey which supplies sand and aggregate used for road and building construction.