Wis. (Northern News Now) – Wildcat Defense, part of Miami-based Wildcat Equity Partners, has signed an exclusive agreement to acquire Fraser Industries, the Superior maritime company that owns Fraser Shipyards, Lake Assault Boats, Northern Engineering and Fraser Terminal
The companies announced the planned deal Wednesday, during an in-person event at Fraser Shipyards.
Wildcat representatives said it expects to invest $350 million in the shipyard to expand its workforce and manufacturing footprint.
Fraser Industries is a maritime company operating in Superior. Fraser Shipyards, founded in 1888, provides ship maintenance, repair, and overhaul services for Great Lakes vessels and new construction for commercial and military customers.
Wildcat Defense is a U.S.-based investment and operating company focused on the defense industrial base, including shipbuilding, maritime infrastructure, advanced manufacturing, critical materials and defense technology.
Eric Nicolaides, who leads Wildcat Equity Partners, said the acquisition comes as the country seeks to improve shipyard infrastructure.
“We believe this modernization and expansion should be done by U.S. firms improving and expanding U.S. shipyards,” Nicolaides said. “The Fraser team has demonstrated their expert ability to turn around and expand shipyard MRO and new construction.”
Nicolaides said Wildcat plans to apply Fraser’s model at other shipyards around the country to help increase U.S. shipyard capacity.
Patrick Kelly, Fraser Industries’ current co-owner and CEO, and his team are expected to remain in key roles after the transaction closes.
“We’re extremely excited about the opportunity to join Wildcat and build on Fraser’s long history of shipbuilding and ship repair,” Kelly said. “Wildcat’s commitment to investing in our people, facilities, and technology will help us grow, strengthen our workforce, and better serve our commercial and government customers.”
The companies said the deal would keep Fraser American family-owned and provide long-term resources to support its commercial and government work, including projects for the U.S. Navy and Department of Homeland Security.
Fraser also plans to continue its partnership with Fincantieri and Donjon Shipyards as the companies compete for the U.S. Coast Guard’s planned fleet of seven light icebreakers. Wildcat said its investment would support Fraser’s efforts to partner with technology providers.
Wildcat and Fraser expect the transaction to close in about three months.
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