Wildcat Defense to Acquire Fraser Shipyards and Invest $350 Million in Superior, Wisconsin

Wildcat Defense, part of the American family office Wildcat Equity Partners led by Eric Nicolaides, has signed an exclusive agreement to acquire Fraser Industries of Superior, Wisconsin, the parent company of Fraser Shipyards. The deal was announced at the shipyard on October 21, 2026.

$350 million to expand the yard

Wildcat expects to invest $350 million in the yard to grow the Fraser workforce and expand its manufacturing footprint, supporting plans already underway at the shipyard. Fraser Industries also owns Lake Assault Boats, Northern Engineering and Fraser Terminal. CEO Patrick Kelly and his team will remain in key roles.

Icebreaker bid continues

Under Wildcat’s ownership, Fraser will keep its partnership with Fincantieri and Donjon shipyards to compete for the U.S. Coast Guard’s seven light icebreakers. The acquisition follows Wildcat’s offer for Austal USA.

Eric Nicolaides, Wildcat Equity Partners said:

“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.”

Patrick Kelly, co-owner and CEO of Fraser said:

“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.”