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.”