![]() ![]() The company selected Vancouver, Washington as the production site for the vessels. Army landing craft, the largest contract in its history. Vigor announced in late 2017 that it had won a $1 billion contract to produce U.S. In March 2015, Vigor Industrial acquired Seattle-based aluminum workboat manufacturer Kvichak Marine Industries. Although both companies referred to it as a "merger", the deal made Oregon Iron Works a division of Vigor, a wholly owned subsidiary. In May 2014, the company announced that it was merging with Oregon Iron Works, another manufacturer based in the Portland area. In 2012 they acquired Alaska Ship & Drydock in Ketchikan, Alaska. In 2011 they purchased Todd Pacific's operations in Seattle, Bremerton, and Everett. ![]() In 2010, purchased Marine Industries Northwest (MINI) in Tacoma, WA. In 2002, Vigor Industrial expanded operations to Port Angeles, WA with its subsidiary Washington Marine Repair. With funding from the then-publicly traded Cammell Laird PLC in the UK, Transamerica Capital and Heller Capital, the Swan Island facility was purchased from the port in 2000 and the name Vigor Industrial was established. In 1995, Vigor Industrial owner, Frank Foti bought Cascade General on the verge of bankruptcy from its previous owners, operating on leased space from the Port of Portland shipyard. In 1942 the Swan Island facility in Portland began operations as Kaiser Shipyards. In 1916 the Harbor Island facility in Seattle began operations as Todd Pacific Shipyards. In the Northwest the company history goes back nearly 100 years, with Todd Pacific in Washington and Kaiser Shipyard in Oregon. Based in Portland, Oregon, the company consists of several subsidiary companies for a combined total of seven facilities with ten drydocks, more than 17,000 feet of pier space, and over 2,000 employees. It was an incredible experience working closely with the talented Titan team, and we look forward to seeing the company continue to prosper.Vigor Industrial ( Vigor) is an American shipbuilding, shiprepair, and industrial service provider in the Pacific Northwest and Alaska. The result of our investment focus was the combination of MHI with Vigor and the formation in 2019 of Titan, now a bi-coastal leader in critical ship repair services, and commercial and defense-related fabrication services. Titan is well-positioned to maintain its positive trajectory, and we wish the team continued success in its next phase of growth.”ĭavid Waxman, managing director, Stellex, said, “From the moment Stellex acquired MHI in 2015, we have partnered with management to capitalize on changing market dynamics to build a stronger company to further serve customers with quality and reliability. ![]() Throughout a particularly unprecedented time, with the pandemic and supply chain constraints, the Titan team has continually executed on its strategy to successfully grow the business, refine its market segments, and expand into new geographic territories. “We see this transaction with Lone Star, when completed, as the next step in our evolution, representing a belief on their part that Titan entities are on a steady and positive path to sustainable growth.”ĭerek Whang, managing director at Carlyle, said, “We are proud of the many accomplishments of the Titan team over the course of our partnership. Valued customers will continue to see Titan operating companies deliver high quality service in everything we do,” Marcotuli continued. “Under new ownership, we will focus on sustaining improvements made, identifying additional areas of improvement, and opportunities for future growth. “We are grateful to Carlyle and Stellex for enabling the strategic investments made over the past several years, which include the acquisition of CMSD, the repurchase of critical assets, and investments in technologies and equipment aimed at improving our service offerings,” Marcotuli said. Jim Marcotuli will continue in his current role as Titan CEO, and other company leadership is expected to remain intact. The transaction is expected to close in 2023 upon satisfaction of customary closing conditions, including certain governmental approvals. Coast Guard, Military Sealift Command, Boeing, cruise lines, fishing fleets, barges, ferry services for local and state governments, and other key commercial U.S. and Continental Maritime of San Diego (CMSD). MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Va. Titan is comprised of Vigor Industrial LLC, an infrastructure, defense, and maritime services company based in Portland, Ore. shipbuilding and repair group Titan Acquisition Holdings from peer investment firms Carlyle and Stellex Capital Management. Lone Star Funds has reached a del to buy U.S. ![]()
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