Pelican Energy Partners has acquired Riggins Company, a provider of engineered metal fabrication and custom components for the U.S. Navy and its shipbuilding partners. Financial terms of the transaction were not disclosed.
Riggins also serves customers across the power, refining, petrochemical and aerospace industries. The company specializes in technically demanding projects that require strict quality, safety and regulatory standards.
Founded in 1960 and headquartered in Hampton, Virginia, Riggins provides custom metal fabrication, weldments, specialty welding, engineering and design services. Its capabilities also include turnkey project management and field installation.
Weldments are assemblies created by joining multiple metal components through welding. These products can be used in ships, industrial facilities, power plants and other environments where durability and precise engineering are essential.
Riggins has developed certifications and manufacturing capabilities needed to supply components for the U.S. Navy’s nuclear-powered submarine and aircraft carrier fleets. The company works with major nuclear shipbuilding prime contractors and other industrial customers.
Pelican believes demand for qualified domestic manufacturing capacity will increase as the U.S. invests in expanding and modernizing its naval fleet. Suppliers capable of meeting the Navy’s technical, quality and scheduling requirements represent a critical part of the broader shipbuilding supply chain.
Riggins operates under what it calls a Custom-to-the-Core philosophy. This approach emphasizes specialized engineering and fabrication rather than standardized, high-volume production.
The company has experience completing large-scale projects that require custom designs, specialty materials and complex welding procedures. Its ability to manage projects from engineering through installation allows customers to work with a single provider across multiple stages.
Riggins also has experience complying with standards established by the Naval Sea Systems Command, the American Society of Mechanical Engineers and other military and industrial organizations. These requirements govern areas such as material traceability, welding procedures, inspection and quality documentation.
Pelican plans to invest in Riggins’ production capacity and workforce as demand increases. The additional resources are expected to help the company take on more naval shipbuilding work while continuing to expand across its commercial markets.
Riggins’ existing leadership team will remain in place following the acquisition. President and CEO Justin Byrum will continue leading the company, providing continuity for employees, customers and shipbuilding partners.
Pelican Energy Partners focuses on small and mid-sized companies serving the energy equipment and services sectors. Its investment areas include businesses supporting oil and gas operations and the nuclear industry.
Founded in 2012, Pelican has raised more than $1 billion in committed capital and completed more than 15 investment realizations. The firm is currently investing from its fourth fund, which is dedicated to companies providing critical products and services to the nuclear sector.
Reed Smith served as legal counsel to Pelican. Dickinson Williams advised Riggins on the transaction, while Somertons acted as the company’s legal counsel.
KEY QUOTES:
“Riggins has spent years earning the certifications, capabilities and reputation required to fabricate mission-critical components for the U.S. Navy’s nuclear fleet. As the country makes a generational investment in its submarine and aircraft carrier fleets, qualified capacity across the supplier base has never mattered more. We are excited to partner with the Riggins team to invest in that capacity and support the Company’s continued growth across multiple industries.”
Walter Weathers, Managing Director of Pelican Energy Partners
“Partnering with Pelican marks the next chapter for Riggins and gives our team the resources to grow at the pace our customers need. Our people have worked tirelessly, earning the qualifications to take on the most demanding fabrication work in nuclear naval shipbuilding. With Pelican’s support, we will expand our capacity, keep investing in our workforce and continue delivering the quality and schedule performance our customers count on.”
Justin Byrum, President and CEO of Riggins Company
