Fraser Shipyards changes hands in $350m expansion drive

US investment firm Wildcat Equity Partners has struck an agreement to acquire Fraser Industries, the Wisconsin-based shipbuilding and repair group, with plans to invest $350m in expanding its facilities and workforce.

Wildcat Defense, the investment firm’s maritime and defence arm said the transaction covers Fraser Shipyards, Lake Assault Boats, Northern Engineering and Fraser Terminal.

Financial terms of the acquisition were not disclosed. The $350m represents Wildcat’s planned investment in the business rather than the purchase price.

The companies expect to complete the transaction in approximately three months, with Fraser co-owner and chief executive Patrick Kelly remaining in his position.

Wildcat is targeting a substantial increase in shipbuilding capacity at Fraser’s Superior facility, which serves commercial operators on the Great Lakes.

The investment programme includes a proposed 100,000 sq ft manufacturing facility for small and medium-sized vessels, alongside a separate production facility capable of constructing Great Lakes freighters measuring up to 1,000 feet.

The company is targeting a threefold increase in production, with the expansion expected to take place over five years.

Fraser also plans to increase its workforce as it builds up manufacturing and repair capabilities.

Established in 1888, Fraser Shipyards provides maintenance, repair and overhaul services to the Great Lakes merchant fleet, alongside commercial newbuilding work.

The planned acquisition follows Fraser’s agreement with South Korea’s HD Hyundai earlier this year to modernise the Wisconsin facility.

Announced in July, that partnership involves yard design, production systems, automation, artificial intelligence and workforce development.

The companies identified Fraser as a potential demonstration site for modernising shipbuilding operations across the US.

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