Fraser Shipyards in Superior is set for a major expansion after entering into an agreement with Wildcat Defense, an equity firm that plans to acquire the company and invest in its shipyard and manufacturing operations.
Wildcat Defense says it will invest $350 million into Fraser over the next five years. The company says the investment is aimed at tripling production while creating more jobs in Superior.
Leaders from both companies gathered at the Superior shipyard on Wednesday to announce the deal. Fraser co-owner and chief executive Patrick Kelly will stay on in his role, and Kelly said the move will help the company expand production and jobs in the community.
Wildcat Defense chairman Eric Nicolaides said the plans include onsite daycare for employees and adding artificial intelligence technology for business data, which he said poses no risk to shipyard jobs. He also said the company hopes to give seasonal workers a chance to work full time.
Wildcat said it plans to build a new 100,000-square-foot production facility for small and medium vessels, along with a large boat production facility able to handle lakers up to 1,000 feet in size. Wildcat Defense is part of Wildcat Equity Partners, a Florida-based investment firm that backs defense and infrastructure projects.
