Pelican Energy Partners buys Virginia metal fabricator Riggins
PE Hub reported that Pelican Energy Partners has acquired Riggins Company, a Hampton-based supplier to naval, industrial and aerospace customers.
By Rafael Ortiz · Fintech Correspondent
· 1 min read
Pelican Energy Partners has acquired Riggins Company, a Hampton, Virginia-based industrial metal fabricator, PE Hub reported. The transaction adds a business serving the US Navy and its shipbuilding partners, as well as customers in power, refining, petrochemicals and aerospace.
Riggins produces engineered metal fabrications and custom components, according to PE Hub. Those products place the company in supply chains tied to defense shipbuilding and heavy industrial facilities, where fabricated metal parts are built to project or customer specifications.
PE Hub reported that Justin Byrum serves as Riggins’ president and chief executive. The company was founded in 1960, giving it a long operating history in a manufacturing segment where customer relationships, technical requirements and production capability can be central to contract work.
For a private equity buyer, an acquisition of this type typically gives ownership of an operating company whose value depends on manufacturing capacity, customer demand and execution on contracted work. PE Hub did not publish financial terms in the publicly available portion of its report.
Pelican Energy Partners is the acquiring firm named by PE Hub. The reported deal sits within the industrial and manufacturing sector, with end-market exposure spanning naval shipbuilding, energy-related industries and aerospace.
This story draws on original reporting from PE Hub.
