Baltimore Dredges LLC and Liquid Waste Technology (LWT) have been acquired by a new company Baltimore Dredge Enterprises LLC (BDE) funded by Urban Growth Partners (UGP) for that purpose. UGP a Philadelphia-based venture capital firm has made a multi-million dollar investment into BDE in association with the acquisition and to finance working capital and future acquisitions by BDE.
Each subsidiary will operate independently of the other retaining all management and all employees.
Marty Barnes formerly President of LWT has been named Chief Operating Officer of BDE. Jim Pflueger will remain as Vice President and General Manager of LWT; Charles Albert will remain as Director of Operations of Baltimore Dredges which will be changing its name to Ellicott Dredges LLC. Peter Bowe Chairman of LWT will be joining the BDE board.
Gamal Elsaeed the Chairman of Baltimore Dredges and the newly elected Chairman of BDE expressed enthusiasm for the new investment:
|!|With the additional financial resources we will be hiring new staff at all of our locations and adding dredges to our lease fleet. We clearly are the leading U.S. player in the dredge manufacturing industry. An analogy for our strategy is the multi-brand car dealer – we will have a product and an organization to suit all customers. We will be continuing to offer Ellicott™ Mud Cat™ LWT Pit Hog™ IMS and United Marine International brand products each backed by a separate sales and engineering organization to serve their respective market niches.|!|