Antin Completes Acquisition of Vigor Marine Group From Lone Star
A third private equity owner for the $1 billion US ship repair and fabrication group
France's Antin Infrastructure Partners has completed its acquisition of Vigor Marine Group from UK-based Lone Star Funds, placing the U.S. ship repair and fabrication group under private equity ownership for the third time.
Based in Portland, Oregon, Vigor Marine Group operates shipyard and fabrication facilities across Seattle, Portland, Vancouver in Washington state, San Diego and Norfolk, Virginia, with six drydocks and 29 berths serving government and commercial clients. The company passed $1 billion in revenue in 2025 and employs approximately 2,700 workers.
Antin says it intends to continue growing the operations, with particular emphasis on the Pacific coast. The firm is pursuing a wider strategy of U.S. infrastructure investment with elements in the transportation, energy and digital sectors.
"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," said chief executive Francesco Valente. "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."
The transaction lands as investors position for the expansion of the U.S. Navy and Coast Guard under the Trump administration, which has raised expectations for domestic shipbuilding and repair capacity.
Lone Star held the business between 2023 and 2026. When it acquired the group, then known as Titan Acquisition Holdings, the platform comprised Vigor Industrial, an infrastructure, defense and maritime services company based in Portland; MHI Holdings, a ship repair, maintenance and husbandry business based in Norfolk; and Continental Maritime of San Diego. Working with the Vigor management team, Lone Star integrated the businesses into a single brand and operating platform, and the group expanded its offering and invested in facility improvements and technology upgrades during that period.
The platform was originally assembled by Carlyle and Stellex Capital Management, which acquired MHI in 2015 on the view that critical ship repair services and commercial and defense-related fabrication offered room for a consolidator.
Valente says the company brought five separate entities under one brand over the past three years, invested over $170 million in facility improvements and technology upgrades, and introduced partnerships including one with Samsung Heavy Industries supporting the expansion of MRO availabilities overseas and advances in U.S.-based technology and workforce development. Valente and the U.S.-based management team will continue to lead the company.
Vigor operates as a full-service prime contractor to the U.S. Navy, U.S. Army, Military Sealift Command and U.S. Coast Guard, and also serves state ferry systems, the cruise industry and commercial fishing.
