Wildcat Defense, part of Wildcat Equity Partners, has signed an exclusive agreement to acquire Fraser Industries, the Superior, Wisconsin-based parent company of Fraser Shipyards LLC, Lake Assault Boats LLC, Northern Engineering LLC and Fraser Terminal LLC. The deal was announced in person at the Fraser shipyard on 21 Oct 2026, and the companies expect the transaction to close in about three months. Wildcat, an American-owned family office led by Eric Nicolaides, plans to invest $350 million into the yard to expand its workforce and manufacturing footprint, building on projects already underway. Fraser co-owner and CEO Patrick Kelly and his team will remain in key leadership roles. Nicolaides said the investment aims to modernize U.S. shipyard infrastructure, calling the sector critical to national security, and indicated Wildcat intends to apply Fraser's turnaround experience to other underinvested shipyards nationwide. Fraser, founded in 1888 on a 100-acre site in Superior, Wisconsin, provides maintenance, repair and overhaul services for the Great Lakes fleet alongside new construction for commercial and military clients, including the U.S. Navy and Department of Homeland Security. Under Wildcat's ownership, Fraser will continue its partnership with Fincantieri and Donjon shipyards to compete for the U.S. Coast Guard's seven light icebreakers program, and will pursue further collaborations with technology providers. The move follows Wildcat's earlier offer for Austal USA as part of its broader strategy to rebuild domestic shipbuilding and repair capacity. The acquisition keeps Fraser under American family ownership, with Wildcat describing the partnership as providing long-term resources to sustain the company's shipbuilding and repair operations for commercial and government customers.