Fraser Shipyards in Superior, Wis., has new owners, global goals

DULUTH – Fraser Industries, a 130-year-old shipyard in Superior, Wis., has new owners with global ambitions.

Oslo, Norway-based Cleaves Invest and Chicago-based Foundry Mountain Infrastructure Partners announced their joint venture acquisition on Friday.

"We look forward to continuing the expansion of capabilities at Fraser in ship repair, boatbuilding and related maritime infrastructure as we prepare for the innovation of new markets, including the emerging offshore wind industry," said incoming CEO Patrick Kelly.

Terms of the deal were not disclosed.

Fraser Industries comprises Fraser Shipyards, Lake Assault Boats and Northern Engineering Company, all located in Superior. The company was founded in 1890 and has been owned by the Capstan Corp. since 1977.

"We are excited to pass on ownership to a well-qualified group who will take Fraser Industries to the next level as we live in a more interconnected and global maritime environment," outgoing CEO Todd Johnson said in a statement.

Cleaves Invest is a privately owned ship-brokering and financial services group that focuses in part on offshore infrastructure. The company has offices in the U.S., U.K. and Singapore.

Foundry Mountain Infrastructure Partners was founded in 2016 and "partners with strong management teams to help them grow and optimize their business," according to a news release.

Kelly, the new Fraser CEO, is a managing partner at Foundry Mountain and was previously in corporate finance at BP Corp.

Last year, Fraser began seeking $26 million in state and federal assistance to upgrade one of its two dry docks as it looks to increase its capacity and potentially serve more Great Lakes vessels.

Subsidiary Lake Assault Boats landed a five-year contract with the U.S. Navy worth up to $56 million and was set to start delivering last fall. The company typically supplies fire departments and search and rescue operations.

Brooks Johnson • 218-491-6496