Pelican Energy Partners Announces Acquisition of Riggins Company

HOUSTON, July 20, 2026 /PRNewswire/ -- Pelican Energy Partners ("Pelican"), a private equity firm focused on the energy services and equipment sectors, today announced the acquisition of Riggins Company ("Riggins" or the "Company"), a provider of engineered metal fabrication and custom components to the U.S. Navy and its shipbuilding partners, as well as the power, refining,  petrochemical and aerospace industries.

Founded in 1960 and headquartered in Hampton, Virginia, Riggins' mission-critical capabilities include custom metal fabrication and weldments, specialty welding, engineering and design, turnkey project management and field installation services.

Walter Weathers, a Managing Director of Pelican, stated, "Riggins has spent years earning the certifications, capabilities and reputation required to fabricate mission-critical components for the U.S. Navy's nuclear fleet. As the country makes a generational investment in its submarine and aircraft carrier fleets, qualified capacity across the supplier base has never mattered more. We are excited to partner with the Riggins team to invest in that capacity and support the Company's continued growth across multiple industries."

With established relationships across the major U.S. nuclear shipbuilding prime contractors and leading industrial firms, the Company, guided by its Custom-to-the-Core philosophy, has demonstrated the ability to execute on large-scale, custom and technically demanding projects.

"Partnering with Pelican marks the next chapter for Riggins and gives our team the resources to grow at the pace our customers need," said Justin Byrum, President and CEO of Riggins. "Our people have worked tirelessly, earning the qualifications to take on the most demanding fabrication work in nuclear naval shipbuilding. With Pelican's support, we will expand our capacity, keep investing in our workforce and continue delivering the quality and schedule performance our customers count on."

Riggins' existing leadership team will continue to lead the business, ensuring continuity for customers and employees.

Reed Smith acted as legal counsel to Pelican Energy Partners. Dickinson Williams and Somertons served as M&A advisor and legal counsel, respectively, to Riggins.

About Riggins Company

Riggins Company, founded in 1960 as a pipefitting and ironworking contractor, has grown from a small custom fabrication shop to become one of the most well-known and trusted custom design, weldment and fabrication firms in Hampton Roads. Riggins provides engineered metal fabrication, specialty welding and mission-critical components to the U.S. nuclear Navy, energy and power and industrial customers, with deep experience meeting NAVSEA, ASME and military quality and compliance requirements.

For more information on Riggins, visit www.rigginscompany.com.

About Pelican Energy Partners
Pelican Energy Partners specializes in strategic investments in small to mid-sized, high-growth energy equipment and service companies within the oil & gas and nuclear sectors. Since its founding in 2012, the firm has raised over $1 billion in committed capital and has successfully realized more than 15 investments. Pelican is currently investing from its fourth fund which is dedicated to supporting and advancing companies that provide critical services to the nuclear industry.

For more information on Pelican Energy Partners, visit www.pelicanenergypartners.com.

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SOURCE Pelican Energy Partners