Fraser Industries

Fraser Industries
Industry: Industrial Products & Services
Close year: 2021
Project: Corporate Divestiture
Client: Corporation
Transaction: Sale to Strategic

Hennepin Partners advises Fraser Industries on its sale to Infrastructure Acquisition Partners


Duluth, MN – Fraser Industries, a Superior, Wisconsin-based shipyard, has been acquired by Infrastructure Acquisition Partners, a joint venture formed by Oslo, Norway-based Cleaves Invest AS and Chicago-based Foundry Mountain Infrastructure Partners.

Hennepin Partners acted as the exclusive financial advisor to Fraser Industries in connection with the transaction.

Fraser Industries is comprised of Fraser Shipyards, Lake Assault Boats, and Northern Engineering Company, all located in Superior. Through these business units, Fraser Industries engages in maritime repair, maintenance, and engineering services aimed commercial and government vessels on the Great Lakes as well as custom boat-building for public and commercial clients located around across country.

The Company was founded in 1890 and had been owned by Duluth, Minnesota-based Capstan Corporation since 1977.

“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.

“Capstan Corporation is proud of its leadership of Fraser Industries over the last 44 years,” said outgoing CEO Todd Johnson in a statement. “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.”

Per Olav Karlsen, Chairman of the Board and founder of Cleaves Invest AS stated, “This is a great union combining the expertise of Fraser Industries with our relationships in the global maritime industry for the expansion of Fraser and success with developing opportunities. We look forward to being part of the Superior and Duluth communities for many years to come.”

About Fraser Industries LLC 

Fraser Industries is comprised of Fraser Shipyards LLC, Lake Assault Boats LLC, Northern Engineering LLC and related subsidiaries. Through these businesses, Fraser Industries engages in maritime repair, maintenance, and engineering services as well as boat-building for commercial and government clients.

About Cleaves Invest AS 

Cleaves Invest AS based in Oslo, Norway, with offices in the US, UK and Singapore, is a privately owned ship broking and independent financial services group of companies with a 40-year history focusing on shipping, offshore infrastructure, energy and financial services.

About Foundry Mountain Infrastructure Partners LLC 

Foundry Mountain Infrastructure Partners is a North American-focused infrastructure firm with a long duration approach to infrastructure investing. Foundry Mountain partners with strong management teams to help them grow and optimize their businesses. Founded in 2016, offices are located in Chicago.