Vigor: Frank(ly) Speaking
Frank Foti of Vigor Industrial has steadily embarked on a consolidation of the Pacific Northwest ship construction and repair industry. Starting in Portland in 1995 with about 50 employees, the ubiquitous owner of Vigor has built his business today to more than 2,000 employees in an ever-widening industrial group. During a recent visit to Seattle, he shared insights on his company and the market. “Vigor is a diversified marine and industrial fabricator and it is a ship repair specialist,” is how Frank Foti, the owner of Vigor Industrial for nearly 20 years, concisely describes his company.
Proceeding Quietly with Vigor
In a climate of both seemingly fat backlogs and at the same time uncertainty for domestic shipyards, Vigor Industrial is one company that continues to make news in the shipbuilding and repair merger and acquisition markets. After acquiring Todd Pacific Shipyards in 2011 for $130 million, Vigor also diversified its geographic offerings when it scooped up Alaska Ship and Drydock in Ketchikan after raising $75 million through private equity firm Endeavour Capital. Vigor CEO Frank Foti continues to build scale through acquisitions, while diversifying the company’s construction and repair capabilities to include cargo fleets, barges and workboats, ferries, and US Navy and Coast Guard vessels, among others.
Vigor Inks Deal for 80,000 Ton Drydock
Vigor signs deal for largest floating drydock in the United States. Vigor Industrial has reached an agreement with Daoda Marine Heavy Industry Company (DDHI) to purchase a new floating drydock for $40 million. At 960 feet long, with an inside width of 186 feet and a lifting capacity of 80,000 long tons, it will be the largest floating drydock in the United States. “We decided now is the time to buy because demand to service large vessels is growing and large drydock capacity in proximity to the US West Coast has diminished,” said Vigor Industrial CEO Frank Foti. The new drydock, set to be stationed in Portland, will be 300 feet longer than the largest drydock Vigor currently owns. It will be one and half times wider and will be able to lift more than triple the weight.
