Fraser Shipyards in Superior, Wis., has new owners, global goals
Duluth, MN – 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.
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.
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.
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.
Star Tribune
Read more here: https://www.startribune.com/fraser-shipyards-in-superior-wis-has-new-owners-global-goals/600072027/
