Endeavour Capital paid $75 million for a minority stake in Portland-based ship repair and manufacturing firm Vigor Industrial.
It is Vigor's second major funding deal this year, after acquiring Todd Pacific Shipyards of Seattle for $130 million.
Portland-based Endeavour, Oregon's largest private equity fund, provided some of the financing for the acquisition. The equity deal evolved from that first transaction, said Steve Babson, Endeavour managing director.
Vigor now employs as many as 1,700 workers in facilities in Portland and Seattle, as well as Everett, Tacoma, Bremerton and Port Angeles. The company's annual revenue approaches $400 million, said Frank Foti, Vigor CEO.
Vigor is a decidedly blue-collar investment for Endeavour, known for its investments in retail, education and entertainment. Among Endeavour's companies are grocers New Seasons and Winco as well as discount department store Bi-Mart.
Read more at OregonLive.com.