Ropes & Gray Advises AIP on FSV Group Acquisition, Creating Trident Aqua Services.
Ropes & Gray has advised American Industrial Partners (AIP), a New York-based private equity firm, on the financing that enabled the acquisition of FSV Group AS (FSV).
The transaction was carried out through AIP’s portfolio company, Aquaship | Intership, which has since been rebranded as Trident Aqua Services.
This consolidation has created the world’s second-largest maritime service provider specializing in aquaculture.
Trident Aqua Services will offer a broad range of services, including fish transportation, treatment, feed distribution, harvesting, and site support, designed to meet the evolving demands of the global aquaculture industry.
The financing was secured with support from lenders across the Nordic region and other international markets, providing the company with a flexible structure to pursue further investments and expansion opportunities.
Alex Schukin, a partner at AIP said: “Over the past year, the team at Aquaship and Intership have worked closely to deliver exceptional service for our customers."
"Now, we look forward to collaborating with the FSV team to create a highly complementary combination that will enable us to further support our customers as a key infrastructure partner in all manners of their aquaculture operations. This is an exceptional global platform in a rapidly growing and evolving industry.”
Ole Peter Brandal, CEO of Aquaship | Intership commented: “We are an excellent match as our companies share a similar mindset and are built around a culture of innovation, creativity, and solving real-world challenges and opportunities for the industry."
"At the same time, we each specialize in different segments of the service industry and global markets. Now combined, we are able to deliver even more vessel types and services while maintaining the same high quality.”
Arild Aasmyr, CEO of FSV said: “We are positioning ourselves for growth across the full spectrum of innovative technology and know-how across each of the critical services that the aquaculture industry increasingly demands worldwide."
"With global innovation hubs continuing to develop solutions to improve aquaculture vessel operations and resulting farmer production volumes and yields, but now with one of the industry’s largest network of vessel types and geographies to collaborate across, we will keep striving to anticipate and exceed customer expectations. This combination moves us still farther ahead of the curve.”
The group now operates a fleet of over 60 vessels, with eight more currently in the pipeline. With more than 1,000 employees spread across Norway, Chile, the UK, Ireland, Canada, and the Faroe Islands, Trident Aqua Services is well positioned to keep up with the increasing demand for sustainable aquaculture solutions.
Ropes & Gray has been alongside AIP every step of the way, from helping them acquire stakes in Aquaship AS and Intership AS to guiding the companies through their merger and initial refinancing. This latest deal marks another milestone in the firms’ strong working relationship.
The Ropes & Gray team working on the financing was led by finance partner Alex Robb and finance counsel Sean Darling, with support from associates Kahill Sarronwala and Kwame Adzatia and trainee solicitor Jaycee How. Additional guidance came from private equity partner Victoria McGrath and associate Sam Wolfe-Murray.
FSV Group AS, established in 2011 and headquartered in Molde, Norway, provides specialized maritime services for the aquaculture industry. Operating a fleet of 23 vessels with over 270 employees, the company offers services including transport and towing operations, establishment of new sites, inspections of mooring systems, maintenance of sea-based facilities, diving, general service, and stun & bleed vessels. FSV Group serves clients along the coasts of Norway, Canada, and the Faroe Islands.
AquaShip, headquartered in Kristiansund, Norway, is a global provider of maritime services for the aquaculture industry. Formed in 2018 through the merger of GripShip AS and Johnson Marine Ltd, and later joined by Arctic Shipping AS, AquaShip operates a diverse fleet across all four main segments of aquaculture maritime services: service vessels, harvest vessels, live fish carriers, and feed carriers. With operations in Norway, Chile, the UK, and Canada, the company focuses on sustainable practices and aims to support the growth of fish farming through modern vessels and experienced crews.
Ropes & Gray is a global law firm providing comprehensive legal services to clients across a wide range of industries. With a reputation for excellence, the firm is known for its expertise in areas such as corporate law, private equity, M&A, intellectual property, litigation, regulatory matters, and finance.
Founded in 1865, Ropes & Gray has grown to include offices in major cities around the world, including New York, London, Hong Kong, and Boston.
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