Posted on October 23, 2026
Wildcat Defense, part of Wildcat Equity Partners, an American-owned family office led by Eric Nicolaides, has signed an exclusive agreement with the owners of Fraser Industries to buy Fraser Industries in Superior, Wisconsin, parent company to Fraser Shipyards LLC, Lake Assault Boats LLC, Northern Engineering LLC and Fraser Terminal LLC. An in-person announcement took place at the Fraser shipyard on Wednesday, October 21.
The agreement is the next step in Wildcat’s strategy to rebuild U.S. shipbuilding and repair capacity, following its offer for Austal USA.
Wildcat expects to invest $350 million into the yard to grow the Fraser workforce and expand the manufacturing footprint in support of the plans already in planning stages at the shipyard. Patrick Kelly and his team will remain in integral positions with the company.
“Wildcat’s partnership with Fraser Industries comes at a time when the U.S. is looking to modernize infrastructure at U.S. shipyards, an industry that is critical to national security. We believe this modernization and expansion should be done by U.S. firms improving and expanding U.S. shipyards. The Fraser team has demonstrated their expert ability to turn around and expand shipyard MRO and new construction. By welcoming the Fraser team to Wildcat, we intend to take that playbook to other yards that have been neglected around the country as we seek to meaningfully increase useable shipyard capacity in the United States,” said Eric Nicolaides.
“We’re extremely excited about the opportunity to join Wildcat and build on Fraser’s long history of shipbuilding and ship repair. Wildcat’s commitment to investing in our people, facilities, and technology will help us grow, strengthen our workforce, and better serve our commercial and government customers. We stand ready to take the turn around steps successfully employed at Fraser to a wider Wildcat platform that advances U.S. shipbuilding and repair,” said Patrick Kelly, current Fraser co-owner and CEO.
This transaction will ensure Fraser remains American family owned and will have the long-term resources to continue its history of shipbuilding and ship repair excellence in support of its commercial and government customers, to include the U.S. Navy and Department of Homeland Security.
Regarding existing partnerships, under Wildcat’s ownership, Fraser will remain committed to its partnership with Fincantieri and Donjon shipyards to compete for the Coast Guard’s seven light icebreakers. Wildcat’s investment will also act as an accelerator related to Fraser’s ongoing efforts to seek partnering opportunities with best-in-class technology providers.
Wildcat and Fraser expect to close the transaction in about three months.
About Fraser Industries
Fraser Industries is a diversified maritime company located on a 100-acre facility in Superior, Wisconsin. Its businesses include Fraser Shipyards, Lake Assault Boats, Northern Engineering and Fraser Terminal. Founded in 1888, Fraser Shipyards provides maintenance, repair and overhaul services for the Great Lakes fleet and new construction for commercial and military customers. Lake Assault Boats designs and builds custom aluminum vessels for commercial and defense markets.
About Wildcat Equity Partners
Wildcat Equity Partners is a privately held family investment firm headquartered in Miami, Florida. The firm invests long-term family capital in strategically important industries, with a focus on life sciences, infrastructure, and defense and technology. Its investment approach combines patient capital, active ownership and operational expertise to build enduring businesses. Learn more at wildcat.llc.
About Wildcat Defense
Wildcat Defense is a U.S.-based investment and operating business focused on strengthening the American and allied defense industrial base. Backed by long-term family capital, the company acquires, invests in and operates businesses across shipbuilding and maritime infrastructure, advanced manufacturing, critical materials and defense technology. Wildcat Defense is part of Wildcat Equity Partners.
About The McLean Group
The McLean Group is a middle market investment bank providing mergers and acquisitions, valuation advisory, and financial consulting services to businesses nationwide. Headquartered in McLean, Virginia, the firm has deep expertise in defense, government services, security, and technology sectors, and provides marine survey and appraisal services through DLS Marine.
