(SUPERIOR, Wis.) — Infrastructure Acquisition Partners LLC, a joint venture between Cleaves Invest AS and Foundry Mountain Infrastructure Partners LLC, has announced the acquisition of Fraser Industries LLC of Superior, Wis.
“As a Great Lakes maritime company, Fraser Industries has a terrific 133-year legacy on which to build,” said Patrick Kelly, incoming CEO of Fraser. “Under the leadership of the Capstan Corp. since 1977, it has broadened its scope to include Lake Assault Boats and the Northern Engineering Company. We thank Todd Johnson for his stewardship and for the enviable footprint built at Fraser Industries. 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.”
“Capstan Corp. is proud of its leadership of Fraser Industries over the last 44 years,” said Johnson, outgoing CEO. “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 LLC is located in Superior, Wis., on a 60-acre parcel with navigable water access, rail access and immediate freeway access. The company is comprised of Fraser Shipyards LLC, Lake Assault Boats LLC, Northern Engineering Company LLC and related subsidiaries.
About Cleaves Invest AS
Cleaves Invest AS is based in Oslo, Norway, with offices in the United States, United Kingdom and Singapore. It is a privately owned ship brokering 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, its offices are located in Chicago.
– Fraser Industries
