Since 2016, Kelly has been the managing partner of Foundry Mountain Infrastructure Partners, one of two companies which acquired Fraser through a deal with Infrastructure Acquisition Partners LLC (IAP). Foundry Mountain Infrastructure is a Chicago, Illinois-based firm specializing in infrastructure investing.

The joint venture also includes Cleaves Invest AS, a privately owned shipbroking and independent financial services group based in Oslo, Norway. Cleaves maintains offices in the U.S., United Kingdom and Singapore.

“As a Great Lakes maritime company, Fraser Industries has a terrific 133-year legacy on which to build,” says Kelly. “Under the leadership of the Capstan Corporation since 1977, it has broadened its scope to include Lake Assault Boats and the Northern Engineering Company. We look forward to continuing the expansion of capabilities at Fraser in ship repair, boat building and related maritime infrastructure as we prepare for the innovation of new markets, including the emerging offshore wind industry.”

Olav Karlsen, chairman of the board and founder of Cleaves Invest AS adds, “This is a great union combining the expertise of Fraser Industries with our relationships in the global maritime industry for the expansion of Fraser and success with developing opportunities. We look forward to being part of the Superior and Duluth communities for many years to come.”

GL/SR:
Please tell us about your maritime background and how it prepared you to serve as the new CEO of Fraser Industries.

Kelly:
First off, many thanks to you and your readers of Great Lakes/Seaway Review for your interest in Fraser Industries. I am excited to get going with the Fraser team.

My background in maritime began in the 1990s when I was responsible for manufacturing facilities that were served primarily by waterborne traffic for feedstocks into the facility and finished products out of the facility. I came to quickly appreciate the complexity and importance of waterborne trade.

Throughout my career, I have worked within project manufacturing environments, which describe well what Fraser Industries subsidiaries do every day. This team knows how to build and repair ships and gear boxes of all shapes and sizes.

I also have experience in building businesses. It is exciting to put the two together.

GL/SR:
What prompted IAPs interest in Fraser?

Kelly:
My business partners and I worked closely together over the last two years evaluating possible shipyard and maritime acquisition opportunities across North America. As we dug into the details at Fraser Industries, we found a great group of people who are experts in building great boats.

GL/SR:
Will IAP be involved in everyday operations?

Kelly:
IAP is simply a holding company and will not be involved in everyday operations at all. Three of the owners have taken up leadership roles inside Fraser Industries as we work to grow and expand the company.

GL/SR:
With the recent purchase including Fraser Shipyards, Lake Assault Boats and Northern Engineering Company, what will be the most notable short-term changes for each?

Kelly:
In the near term, there will not be significant changes. We are focused on serving our customers the best way we know how and do not want to lose that focus.

GL/SR:
It’s been stated that the new ownership will take Fraser Industries to the next level. How so?

Kelly:
Any company benefits from a fresh perspective and diverse experiences brought to it. The Fraser Industries history of boat building and repair is robust. New perspectives are being brought in to augment and complement existing skills as we upgrade and expand capabilities and take on new growth opportunities.

GL/SR:
Are there plans for major infrastructure upgrades at the shipyards and, if so, please elaborate?

Kelly:
We are considering a number of infrastructure upgrades and expansions. These will be done alongside our customers so that our growth supports their growth. Good quality workmanship and service attracts additional work, which leads to expansion opportunities. We are excited about the new opportunities we are working on.

GL/SR:
How will upcoming upgrades expand capabilities and improve customer service?

Kelly:
We live in a world driven by technology innovation. Shipbuilding is no different. As we grow, we intend to incorporate technology that makes sense to support our workmanship and expand customer value.

GL/SR:
How does the purchase impact the staff?

Kelly:
The quality of the people at Fraser Industries was a key driver in this acquisition. As I said previously, this team knows how to repair and build ships and gearboxes of all sizes – that is what we do. The acquisition offers new and expanding opportunities to every member of the team.

We need everyone’s contribution to move Fraser Industries forward, and I am pleased to report that people have been very forthcoming about opportunities to improve just in the short time we have been working together. I am enjoying getting to know the team better every day.

GL/SR:
Where do you hope to see Fraser Industries in five years and what milestones have you set?

Kelly:
It is difficult to speculate where exactly we will see growth at this early stage, however, all three subsidiaries, Fraser Shipyard, Lake Assault Boats and Northern Engineering are well positioned to take on larger scope projects across existing and new customers.

GL/SR:
Do you have anything to add?

Kelly:
Only to say thank you again to you and your readers for your interest in Fraser Industries. We welcome inquiries of all types about ways we might work together going forward. Please do not hesitate to pick up the phone or email to contact us.