The Urgent Need for Change and The Superior Path Forward
PRIVET CASE STUDY: BOARD REPRESENTATION AT
GREAT LAKES DREDGE & DOCK (GLDD)
Great Lakes Dredge & Dock, headquartered in Chicago, IL, is the largest provider
of dredging services in the United States
Background
Following being taken public in a
merger with a SPAC, the strength
of GLDD'S core business was
obscured by weakening non-
core international dredging,
protracted build time of a new
vessel, and losses in its acquired
remediation business
▪ A failed strategic alternatives
process, coupled with significant
stockholder unrest and minimal
insider ownership provided a
clear path for Privet involvement
and ability to drive change
Privet's value proposition
included replacing the CEO,
revamping the board of
directors and working with a
recognized consultant to
effectuate an operational
overhaul
▪ Turnaround highlights include
doubling EBITDA, de-levering the
balance sheet, refinancing the
capital structure, and restoring
confidence in management
PRIVET
FUND
UPG
STRONGER TOGETHER
Price/Share
$12.00
$10.00
$8.00
$6.00
$4.00
$2.00
On February 4, 2016,
Privet initiated the
position.
any
Jan 2016
On November 21, 2016, Privet filed a
13D disclosing >5% ownership and
began to directly engage with GLDD's
board regarding specific director
additions.
Mar 2016
May 2016
Jul 2016
Sep 2016
Nov 2016
Course of Events
Privet reached a negotiated settlement with GLDD that provided
for a Privet principal to immediately join the board and an
incumbent director to be replaced with an additional
independent nominee within six months. Additionally, GLDD
appointed a new CEO who has extensive engineering knowledge
as the former COO of Chicago Bridge & Iron and maritime
experience as the former CEO of Gearbulk, Ltd.
Jan 2017
Mar 2017
May 2017
Jul 2017
Sep 2017
Nov 2017
Jan 2018
versche
Mar 2018
May 2018
Jul 2018
Sep 2018
Jan 2019
Nov 2018
Mar 2019
Nominee Biographies
and Appendix
May 2019
Jul 2019
Sep 2019
Nov 2019
Jan 2020
Mar 2020
May 2020
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