#United States #Energy Services #Hampton #Pelican Energy #Riggins Company

Pelican Energy Partners Expands with Riggins Company Acquisition

Pelican Energy Partners, a private equity firm with a focus on the energy services sector, has announced a strategic acquisition of Riggins Company. This partnership aims to utilize Riggins' extensive capabilities in engineered metal fabrication and custom components, particularly for major industries such as the U.S. Navy, petrochemical, refining, and aerospace sectors.

Founded in 1960 and located in Hampton, Virginia, Riggins has built a strong reputation for its mission-critical capabilities which include custom metal fabrication, weldments, specialty welding, engineering, and project management. Their expertise is especially notable in servicing clients from the nuclear fleet of the U.S. Navy, as well as leading industrial firms.

Walter Weathers, Managing Director at Pelican, emphasized the significance of Riggins’ established reputation. He stated, "Riggins has spent years earning certifications, capabilities, and reputation crucial for fabricating components vital for the U.S. Navy's nuclear fleet. As the nation invests in its submarine and aircraft carrier fleets, having qualified suppliers is more critical than ever. We look forward to partnering with Riggins to strengthen their operational capacity and foster growth in various industries."

The acquisition is timely, particularly as the U.S. government ramps up investments in its naval capabilities. Riggins’ philosophy, termed "Custom-to-the-Core," showcases their strong track record in delivering projects that are not only large-scale but also technically complex. This capability positions them favorably among major U.S. nuclear shipbuilding prime contractors.

Justin Byrum, President and CEO of Riggins, expressed enthusiasm about the partnership, stating, "The collaboration with Pelican marks a new chapter for Riggins. This relationship will provide our team with the resources necessary to scale in alignment with our customers' needs. Our team has diligently worked to earn qualifications for high-demand fabrication within nuclear naval shipbuilding, and with Pelican's backing, we are poised for continued expansion and development in our workforce."

Riggins’ existing leadership team will remain intact, ensuring a seamless transition for both customers and employees during this pivotal change. This continuity is crucial as Riggins aims to maintain its reputation while expanding its operational capabilities.

Legal counsel for the transaction was provided by Reed Smith for Pelican Energy Partners, while Dickinson Williams and Somertons served as M&A advisors and legal counsel, respectively, for Riggins.

About Riggins Company

Riggins Company was established in 1960 as a pipefitting and ironworking contractor, evolving over the decades into a well-respected firm known for its custom design, weldment, and fabrication services. The company meets stringent NAVSEA, ASME, and military quality standards, providing vital components to clients in the nuclear Navy as well as energy and industrial sectors.

For further information about Riggins, visit www.rigginscompany.com.

About Pelican Energy Partners

Pelican Energy Partners specializes in making strategic investments in small to mid-sized, high-growth companies servicing the energy equipment and service sectors, particularly within oil, gas, and nuclear industries. Since its inception in 2012, Pelican has successfully raised over $1 billion in committed capital and completed over 15 investments to date. The firm is currently engaged in its fourth fund, aiming to bolster companies that deliver essential services to the nuclear sector. More can be learned about Pelican Energy Partners by visiting www.pelicanenergypartners.com.