New owners take control at Vigor and MHI

Frank Foti, Vigor’s founding CEO and prior majority owner, has stepped down as CEO of Vigor while remaining an investor in the new parent company and serving as Vice Chairman of its Board of Directors

The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital Management have closed on their acquisition of shipyard group Vigor Industrial LLC and MHI Holdings LLC and have appointed Jim Marcotuli as CEO of the newly created company comprising Vigor and MHI, effective today.

Frank Foti, Vigor’s founding CEO and prior majority owner, has stepped down as CEO of Vigor while remaining an investor in the new parent company and serving as Vice Chairman of its Board of Directors. Tom Epley will continue to lead MHI Ship Repair & Services LLC and MHI Holdings LLC and will report to Marcotuli.

Marcotuli has more than 30 years of leadership experience in the defense and manufacturing industries. He has served in a number of executive and operating roles with Carlyle portfolio companies and in industries spanning defense, aerospace, transportation, and automotive.

He previously served as the Interim Chairman and CEO of Remington Outdoor Company and prior to that served as CEO of North American Bus Industries (NABI). He has held board seats and senior positions in various manufacturing companies predominately in the aerospace and automotive industries.

A native of Pennsylvania, Marcotuli holds a multi-disciplinary Bachelor of Science degree from Pennsylvania State University, with emphases in accounting, business administration and management psychology.

“Vigor and MHI have tremendous potential for growth and I am grateful for the opportunity to lead the new company,” said Marcotuli. “I am eager to engage with the employees who have made these companies what they are today, and to work with the team to create sustainable value for our customers.”