Wildcat buys Fraser Shipyards in $350m Great Lakes expansion
US investment firm targets threefold production increase at Wisconsin facility with new 100,000 sq ft plant
A Wisconsin shipbuilding group is set to undergo a major transformation after being acquired by a U.S. investment firm that plans to inject $350 million into expanding its operations. Wildcat Equity Partners has reached an agreement to take over Fraser Industries, which includes Fraser Shipyards, Lake Assault Boats, Northern Engineering, and Fraser Terminal.
The $350 million commitment from Wildcat Defense, the firm’s maritime and defense division, will fund facility upgrades and workforce growth rather than cover the acquisition cost. Financial details of the purchase itself were not made public. The deal is expected to finalize in about three months, with Fraser Industries CEO Patrick Kelly remaining in his leadership role.
The investment will focus on Fraser’s Superior facility, which serves commercial operators across the Great Lakes. Over the next five years, Wildcat plans to build a 100,000-square-foot manufacturing plant for small and medium-sized vessels, along with a separate facility capable of constructing 1,000-foot Great Lakes freighters.
Expansion to triple production capacity: Fraser Shipyards
The expansion aims to triple production output while significantly increasing the company’s workforce. Founded in 1888, Fraser Shipyards currently provides maintenance, repair, and new construction services for the region’s merchant fleet.
The acquisition follows Fraser’s recent partnership with South Korea’s HD Hyundai, announced in July. That collaboration focuses on modernizing the Wisconsin facility through advanced yard design, automation, artificial intelligence, and workforce training. The Superior site has been identified as a potential model for upgrading shipbuilding operations across the United States.
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