Lone Star Funds has confirmed that an affiliate of Lone Star Fund XI has completed the sale of shipbuilding and ship repair company the Vigor Marine Group to Antin Infrastructure Partners.
Based in Portland, Oregon, the Vigor Marine Group operates shipyard and fabrication facilities across five locations and employs approximately 2,700 people in the Pacific Northwest, Virginia and California.
The company offers advanced services and complete solutions for a variety of clients, including the US Navy, the US Army, Military Sealift Command, the US Coast Guard, state ferry systems, the cruise industry and the commercial fishing industry.
Francesco Valente, the Chief Executive Officer of the Vigor Marine Group, will continue to lead the company. The existing leadership team will remain in place to ensure continuity and the execution of the firm's long-term strategy, Antin said.
During the ownership of Lone Star Funds, the Vigor Marine Group consolidated five separate entities under a single brand. The firm also invested more than US$170 million in facility improvements and technology upgrades.