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Vigor Industrial Llc News

29 Jun 2023

Carlyle and Stellex Complete Sale of Titan to an Affiliate of Lone Star Funds

(Photo: Vigor Industrial LLC)

Funds managed by global investment firm Carlyle and private equity firm Stellex Capital Management announced they have completed the sale of Titan Acquisition Holdings, a bi-coastal leader in ship repair services and marine and heavy complex fabrication, to an affiliate of Lone Star Funds. The initial definitive agreement of the sale was announced in February 2023 and the final close took place on June 15, 2023.Titan is comprised of Vigor Industrial LLC, an infrastructure, defense…

06 Feb 2023

Lone Star Buys Shipyards Group Titan from Carlyle, Stellex Capital

(Photo: Vigor Industrial LLC)

Lone Star Funds has reached a del to buy U.S. shipbuilding and repair group Titan Acquisition Holdings from peer investment firms Carlyle and Stellex Capital Management. Financial terms were not disclosed.Titan is comprised of Vigor Industrial LLC, an infrastructure, defense, and maritime services company based in Portland, Ore.; MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Va.; and Continental Maritime of San Diego (CMSD). Key Titan customers include the U.S. Navy, U.S.

14 Oct 2019

The Carlyle Group, Stellex Capital Complete Acquisition of Vigor, MHI

Frank Foti (CREDIT: Vigor)

Global investment firm The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital Management today announced they have closed on their acquisition of Vigor Industrial LLC and MHI Holdings LLC. In addition, Carlyle and Stellex announced they have appointed Jim Marcotuli as CEO of the newly created company comprising Vigor and MHI, effective today.Marcotuli brings more than 30 years of leadership experience in the defense and manufacturing industries. He has served in a number of executive and operating roles with Carlyle portfolio companies and in industries spanning defense…

25 Jul 2019

Vigor, MHI Acquired and Merged

“Through this transaction, Vigor gains responsible, forward-thinking investors who will seek to build on our current platform while maintaining a values-driven culture,” said Frank Foti, President and CEO of Vigor. Photo: Vigor

In one a dramatic U.S. shipbuilding and repair move it was announced today that The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital Management signed a definitive agreement to acquire and merge Vigor Industrial LLC, an infrastructure, defense, and maritime services company based in Portland, Oregon, and MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Virginia.The transaction, subject to customary closing conditions…

17 Mar 2017

Skilled Workers Needed to Build Trump's Navy Vision

U.S. President Donald Trump says he wants to build dozens of new warships in one of the biggest peace-time expansions of the U.S. Navy. But interviews with ship-builders, unions and a review of public and internal documents show major obstacles to that plan. The initiative could cost nearly $700 billion in government funding, take 30 years to complete and require hiring tens of thousands of skilled shipyard workers - many of whom don't exist yet because they still need to be hired and trained, according to the interviews and the documents reviewed. Trump has vowed a huge build-up of the U.S. military to project American power in the face of an emboldened China and Russia. That includes expanding the Navy to 350 warships from 275 today.

04 Apr 2016

Interview: Frank Foti - President & CEO, Vigor Industrial

For nearly two decades, Frank Foti has led Vigor’s transformation from a single, struggling shipyard to a thriving, increasingly diversified industrial company with 2,500 employees, 12 locations and approximately $700 million in annual revenue. According to Vigor, Foti often describes his motivation in three words: “Industrial Jobs Matter.” Committed to improving long-term, family-wage job opportunities workers and their families and communities, Foti and his management team have, over time, has worked to strategically expand and diversify the company, investing in training facilities and infrastructure along the way. Also according to Vigor…

19 Feb 2015

Victoria Shipyards VP Barker to Retire

Victoria Shipyards' new VP and GM, Joe O'Rourke (Photo courtesy of Victoria Shipyards)

Seaspan’s vice president and general manager of Victoria Shipyards Co. Ltd., Malcolm Barker, will retire Spring 2015, following more than 21 years with the company. Barker began his shipbuilding career at the age of 16 and has been in the B.C. marine industry for nearly four decades. Formerly with Yarrows Shipyard in Esquimalt, he has spent the last 21 years with Victoria Shipyards, providing dynamic leadership and establishing an exceptional level of service for a wide range of customers and suppliers around the world.

17 Jul 2014

Vigor Awarded USS Emory S. Land Drydock Contract

The U.S. Department of Defense informs that Vigor Industrial, LLC, of Portland, Oregon, is being awarded a $16,984,940 firm-fixed-price contract for a 120-calendar day regular overhaul and dry docking of USS Emory S. Land (AS 39). Work will include No. 1 and No. 2 boiler inspection, propulsion shaft removal and inspection, underwater hull preservation, ship's service turbo generator five-year American Bureau of Shipping inspection, structural plenums refurbishment, domestic reefer upgrade, five-year ABS tank inspection, and installation of permanent ballast and stability test. USS Emory S. Land's primary mission is to provide repair services to submarines. DoD adds that this contract includes options which, if exercised, would bring the cumulative value of this contract to $23,234,057.

31 Mar 2014

Latest DoD Navy Contracts

USNS Guadalupe: Photo MSC

Vigor Industrial LLC, Moran Towing Corp., and Maersk Line, Ltd. Vigor Industrial LLC, Portland, Ore., is being awarded a $6,875,938 firm-fixed-price contract for a 68-calendar day mid-term shipyard availability of USNS Guadalupe (T-AO 200). Work will include 72,000-hour main engine maintenance; main engine turbocharger overhaul; port shaft brake overhaul; starboard power take-off clutch/coupling overhaul, deck non-skid preservation; roller door replacement; and gypsy winch overhauls. Guadalupe's primary mission is to provide fuel to U.S.

19 Nov 2013

Vigor’s CEO, Frank Foti, Keynote Speaker at Upcoming 'Boatyard Day'

Frank Foti: Image credit Vigor Industrial

Frank Foti, CEO & President, Vigor Industrial LLC, will deliver the Boatyard Day Keynote Address on the "Resurgence of the Pacific Northwest Maritime Industry" at 3 p.m. on Thursday, November 21, during the 2013 Pacific Marine Expo. During his remarks, Foti will cover training the next generation of maritime workers, reinvesting in marine infrastructure, and opportunities on the horizon, including the revitalization of the fishing fleet. "Over the past 18 years, Frank Foti has led the company's transformation from a single…

20 Sep 2012

Nichols Brothers to Build Second WSF 144-Car Ferry

144-Car Washington State Ferry.

US Fab Contracts Nichols Brothers Boat Builders to build the second 144-Car Washington State Ferry Superstructure. At their Seattle facility, US Fab, a subsidiary company of Vigor Industrial will partner once again with Nichols Brothers Boat Builders of Freeland, Washington to build the second 144-Car Washington State Ferry. The Vessel is the second to be built in the Olympic Class for Washington State Department of Transportation Ferries division. Construction of the first vessel is currently underway at both US Fab and Nichols Brothers facilities.

25 Jul 2012

Vigor Industrial: A Rising Star in Shipbuilding in the Pacific Northwest & Alaska Arctic

Vigor Industrial’s CEO, Frank Foti (Photo courtesy Vigor Industrial)

“There is a resurgence of the marine industry in the Pacific Northwest we haven’t seen for 20 to 30 years now,” said Vince Piscitello, Vice President of Business Development for Vigor Industrial LLC. “The oil and gas industry is really new to our area,” he said, although he expects to see it grow significantly with Shell’s exploration of the Chukchi and Beaufort Seas off Alaska’s northern coast. State run ferry operations in Washington and Alaska are at a point where they must renew fleets built in the 50s and 60s.

09 Nov 2011

New Keller Ferry Closer to Reality

Foss Maritime Co. of Seattle is the apparent low bidder to build a new 20-car Keller Ferry to serve Washington’s only ferry route east of the Cascade Mountains. The Keller ferry crosses Lake Roosevelt (part of the Columbia River) between the towns of Wilbur, Wash., and Keller, Wash., and provides essential transportation to several northeastern Washington counties, including Lincoln, Ferry and Stevens. “We’ve worked long and hard to replace this ferry,” said state Transportation Secretary Paula Hammond after three bids were opened today. Foss Maritime was the apparent low bidder at $9,557,178. This is nearly $250,000 under the state’s estimate of $9,803,475.

29 Apr 2011

U.S. Barge Delivers Combination Deck/Tank Barge

Photo courtesy Elliott Bay Design Group

U.S. Barge LLC, a wholly-owned subsidiary of Vigor Industrial LLC, this week will deliver a combination Deck and Tank Barge to NorthStar Gas LLC, an Alaskan Petroleum Distributor. The CAUNEQ was christened on April 15, 2011 and will start making deliveries in May to the Yukon, Kuskokwim and Western Alaska Costal Regions. NorthStar Gas and its operating partner, Delta Western, will use this barge to service customers in Western Alaska, stabilizing the transportation costs of fuel in the region.

27 Dec 2010

Vigor Industrial to Acquire Todd Shipyards

Todd Shipyards Corp. (NYSE: TOD) and Vigor Industrial LLC announced that they have entered into a definitive agreement under which Vigor will acquire the stock of Todd for $22.27 per share, or approximately $130m. The transaction is structured as an all cash tender offer. Under the terms of the agreement, which has been unanimously approved by Todd’s board of directors, Vigor will offer to purchase all outstanding shares of Todd’s common stock for $22.27 in cash per share. This represents a premium of 31% over the average closing price of Todd’s common stock during the three month period ended December 21, 2010. The price of Todd’s stock has climbed steadily during the year from a low of $13.98 to its recent 52 week high closing price of $21.00.

21 Oct 2010

U.S. Barge Delivers for Harley Marine

U.S. Barge delivered another petroleum barge to Harley Marine Services. The Barge Anne Elizabeth was christened on October 4, 2010 by her namesake, Anne Elizabeth Hall. Barge Anne Elizabeth measures 241’ x 64’ 6”, with a depth of 23’ 6”. The barge has a carrying capacity of 31,500 barrels. The double-hulled barge is OPA 90-compliant, with vapor collection piping. The barge has two isolated cargo systems. The main cargo is intended to be fuel oil, and the auxiliary system will handle marine gas oil (MGO). “Working closely with Harley Marine’s technical and operations group, U.S. Barge continues to construct and outfit high quality vessels that meet our expectations. We are very happy with the production and craftsmanship of U.S.

07 Jul 2010

U.S. Barge Delivers for Harley Marine

U.S. Barge recently delivered another high capacity petroleum barge to Harley Marine Services. Barge Sixty-Five Roses is a unique design from Elliott Bay Design Group. With new efficiency and voluntary environmental features incorporated into the design, the barge continues Harley’s pattern of continuous improvement. Barge Sixty-Five Roses is a 422 x 76-ft. tank barge with capacity of 83,600 barrels. Outfitting requirements include two vertical turbine cargo pump systems, a cargo heating system, a vapor recovery system, two hose cranes, and five hydraulic mooring winches. There are provisions for the future addition of a self-contained vapor processing unit. All outfitting was completed in house by U.S. Barge. U.S. Barge’s facility is ideally arranged for construction of very large barges.

19 Aug 2009

70 Shipyards Awarded ARRA Grants

The Department of Transportation has announced 70 grants totaling $98m in American Recovery and Reinvestment Act (ARRA) funds that will be used to improve small shipyards throughout the United States. The funds, awarded through the Maritime Administration’s Assistance to Small Shipyards program, will help create and preserve jobs, provide valuable employment training and make much needed improvements to shipyards across the country. The Small Shipyards Grant program provides up to 75 percent in ARRA funds for a project and requires the remainder be matched by the shipyard. A detailed list of the grantees is as follows. •    Aker Philadelphia Shipyard, Inc.,  Philadelphia, PA: $2,312,614, for the first year of training program.

13 Sep 2006

U.S. Barge Inks First Deal

U.S. Barge LLC, a company co-owned by Oregon Iron Works, Inc. (OIW) and Vigor Industrial LLC, has signed a contract for its first order. The company has agreed to build and deliver multiple bluewater, or ocean-going, barges to Young Brothers, Ltd. in Hawaii, with the first barge to be delivered in late September of 2007. U.S. Barge will invest approximately $8m in new equipment on Swan Island and in Clackamas, OR in order to build barges and other watercraft.