Riggins Company maintains a specialized niche in the defense and energy sectors, providing custom weldments and engineered components for the U.S. Navy. The firm’s long-standing reputation for meeting stringent NAVSEA and ASME compliance requirements made it a strategic target for Pelican, which currently manages over $1 billion in committed capital. Pelican Managing Director Walter Weathers noted that the acquisition addresses a critical need for qualified capacity within the domestic shipbuilding supply chain.
Pelican Energy Partners Acquires Virginia-Based Riggins Company
As the U.S. accelerates generational investments in its nuclear submarine and aircraft carrier fleets, Houston-based Pelican Energy Partners has acquired Riggins Company. The Hampton-based manufacturer, which has specialized in mission-critical metal fabrication since 1960, will now leverage the private equity firm’s backing to expand its industrial capacity.
Under the terms of the deal, Riggins President and CEO Justin Byrum will remain in his current role, and the existing leadership team will continue to manage daily operations. Byrum stated that the partnership provides the necessary resources to scale production to meet rising customer demand. The company, which originated as a small pipefitting shop, currently serves a diverse portfolio spanning the aerospace, petrochemical, and power industries. Legal and financial advisory services were provided by Reed Smith, Dickinson Williams, and Somertons.
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