Antin Infrastructure Partners, Paris, France, a private equity firm focused on infrastructure investments, has completed the acquisition of Vigor Marine Group, Portland, Ore., from an affiliate of Lone Star Funds, Dallas, the company announced Monday. Financial terms were not disclosed.
Vigor operates shipyard and fabrication facilities in Seattle; Portland; Vancouver, Wash.; San Diego; and Norfolk, Va. The company has six drydocks and 29 berths serving government and commercial customers, and it employs about 2,700 workers.
The deal was announced in February. Antin said it would invest to expand capacity across Vigor's five U.S. locations, accelerate innovation in the maritime sector, and grow the company's workforce.
Vigor Marine Group CEO Francesco Valente and the U.S.-based management team will continue to lead the company.
"This new partnership with Antin is a tremendous opportunity for Vigor Marine Group to realize our vision of being the most innovative, technologically advanced, forward-looking provider for the U.S. Navy and our many government and commercial customers," Valente said in a statement. "It represents a key moment for VMG and our maritime industrial base, when a strong investor recognized the value and opportunity in U.S. shipyards. We couldn't be more excited to evolve and strengthen our ability to serve our customers through innovative solutions that get them back to work faster and with better quality than before."
"Vigor Marine Group represents the kind of long-term investment Antin pursues," Ryan Shockley, senior partner at Antin Infrastructure Partners, said in a statement. "We are very excited about the platform and are focused on expanding capacity. We look forward to getting to work with Francesco and his great management team to write another chapter in VMG's growth journey."
The company traces its roots to Cascade General, a ship repair firm that began operating at the Port of Portland's Swan Island shipyard in 1987. Cascade General bought the shipyard from the port in 2000 and adopted the Vigor Industrial name. The company ran as a repair yard for several years before branching into new construction.
Vigor expanded aggressively through the 2010s, acquiring Todd Shipyards, Alaska Ship and Drydock, Oregon Iron Works, and Kvichak Marine Industries. The company recapitalized in 2019 when private equity firms The Carlyle Group and Stellex Capital Management acquired it and created Titan Acquisition Holdings as Vigor's parent.
Lone Star Funds acquired Vigor, as part of Titan Acquisition Holdings, in June 2023. In June 2025, Vigor Industrial consolidated with other Titan-owned companies to officially form Vigor Marine Group.
During its ownership period, Lone Star and Vigor management invested more than $170 million in facility improvements and technology upgrades. Vigor eclipsed $1 billion in revenue in 2025.
"Today marks an important milestone for our partnership with Vigor Marine Group as its sale represents a successful outcome for all stakeholders," Donald Quintin, chief executive officer of Lone Star, said in a statement. "The transaction also underscores Lone Star's commitment to investing in and growing market-leading businesses where we see opportunity for value creation. We look forward to seeing the company continue to build on its strong foundation in the years to come."
The deal represents Antin's seventh investment through its $11.8 billion Flagship Fund V, which targets long-term investments in established infrastructure companies in North America and Europe. Antin, which has over €33 billion in assets under management, has made prior U.S. investments in the transportation, energy, and digital sectors.
J.P. Morgan Securities LLC served as financial adviser to Antin, with Latham & Watkins LLP and Milbank LLP acting as legal counsel. Evercore and Macquarie Capital served as financial advisers to Vigor Marine Group, and Kirkland & Ellis LLP acted as legal counsel.
