(AquaShip and Intership, 18.Dec.2023) — American Industrial Partners Capital Fund VII, LP, an investment fund managed by American Industrial Partners (AIP) announced that it has become the majority and controlling shareholder in AquaShip AS and Intership AS and will merge the two companies to form one of the largest, most diversified aqua service vessel operators globally.
The combined company will be led by CEO Sverre Taknes operating from Kristiansund and Executive Chairman Ole-Peter Brandal operating from Hareid. The combination brings together two complementary businesses with leading operating expertise, differentiated and high-quality assets, and technological innovation. The combined company will benefit from significant access to capital as a result of the transaction, enabling execution of ambitious growth plans on the back of increasing demand for diversified aqua services from both new and established customers globally.
London-based investment firm Alchemy was the largest shareholder in Intership until it sold its entire stake in the transaction. AILP, with majority ownership by AMERRA, previously the largest shareholder in AquaShip, will continue as a shareholder in the combined company and will be represented on the Board by the CIO of AMERRA, Craig Tashjian. Management from both companies will also continue as significant shareholders.
AquaShip is the only company that owns and operates vessels in all four main areas of aqua services. Intership has built one of the world’s most modern wellboat fleets and has proven to be an innovative player by bringing new and fish-friendly freshwater treatment for lice and gill diseases into the market. Together, the company will have a fleet of 39 vessels and nearly 700 employees operating in Chile, the United Kingdom, Ireland, Canada, and Norway.
“We are pleased to bring in AIP as a strategic partner and majority owner of the new combined company. We believe we have a unique platform, combining AquaShip’s recognized competencies across multiple vessel types and local hands-on experience in several regions with Intership’s renowned expertise in live fish carriers. Together, we aim to unlock new, impactful partnerships across all regions and further enhance our already excellent service to customers. By leveraging AIP’s capabilities, combined with both AquaShip’s and Intership’s innovative approach and diversified platform, we are confident that the combined company is well positioned for the growth journey ahead,” said Sverre Taknes, CEO of AquaShip and CEO of the combined company.
Ole Peter Brandal, CEO of Intership and Executive Chairman of the combined company, said: “We look forward to embarking on a new journey with AIP and AquaShip and continuing our mission of delivering and even further enhancing the highest quality service to our clients. We’re convinced that our longstanding customer relationships, global footprint, pioneering technology, and dedication to serving our customers will provide a valuable platform for the path ahead. Joining forces with AIP and AquaShip marks an exciting chapter for everyone at Intership.”
“We are excited to partner with the AquaShip and Intership teams to support the next phase of growth and create a truly differentiated global platform in this rapidly evolving industry,” said AIP Partner Alex Schukin. “We invest in companies that are already leaders in their sectors but still have significant untapped potential. We look forward to enabling the combined company to drive further growth and technology development both organically and acquisitively.”
Craig Tashjian, CIO of AMERRA, commented: “We are excited to partner with AIP in the recent transaction with Intership. At AILP, we are very satisfied and keen on AquaShip’s future and the long-term success of the merged company.”
Commenting on the transaction, Toby Westcott of Alchemy said: “It has been a pleasure working with the Intership management team over the last five years. Under Ole Peter’s strong leadership Intership has grown significantly throughout Alchemy’s ownership and we are sure that Intership will continue its success with American Industrial Partners.”
DNB Markets acted as exclusive financial advisor to AquaShip and Arctic Securities acted as exclusive financial advisor to Intership in connection with the transactions.
Arkwright London LLP advised the AquaShip Board.
Talweg Capital has co-invested in the combined company, advised AIP in connection with the transactions and serves on the combined company’s Board of Directors.
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