Endeavour Capital Invests $75 Million in Vigor Industrial's Continued Growth
Minority investment designed to sustain jobs in maritime and other industries.
Portland, Ore. December 1, 2011
VIGOR Industrial has received a $75 million minority equity investment from Endeavour Capital to support future growth, the companies announced today.
The privately held VIGOR provides major shipbuilding, ship repair and metal fabrication services at six locations in the Pacific Northwest through its US Fab, VIGOR Shipyards, VIGOR Marine, VIGOR Machine and other subsidiary companies. Endeavour Capital is a local capital provider and long-term partner for leading companies in the Western United States.
"With this investment, Endeavour will help VIGOR continue to grow and expand opportunities not just for our company but also for our workers and our communities," said Frank Foti, president and chief executive officer of Vigor Industrial. "VIGOR and Endeavour are both committed to the idea that industrial jobs matter."
VIGOR is looking at both improvements to its existing facilities and at new acquisitions. The firm greatly increased in size and scope earlier in 2011 when it acquired Todd Pacific Shipyards in Seattle.
We believe in and are investing in VIGOR Industrial's future," said Stephen Babson, Endeavour Capital managing director. "Our investment today is 100 percent designed to help Vigor grow tomorrow."
VIGOR will soon build a new ferry for Washington State Ferries and is one of three firms nationwide entrusted with the maintenance of U.S. Navy aircraft carriers. The company overhauls and makes efficiency improvements to fishing, cargo, energy and other vessels; its US Fab division is developing plans to build the Coast Guard's new Offshore Patrol Cutter. VIGOR employs up to 1,700 workers in its six maritime build, repair and modernization centers in Portland, Seattle, Everett, Tacoma, Bremerton and Port Angeles.