Ropes & Gray Advises AIP on Financing of Acquisition of FSV and Creation of Trident Aqua Services – a Global Leader in Aquaculture Services

Ropes & Gray has advised New York-based private equity firm American Industrial Partners (AIP) on the financing supporting the acquisition of FSV Group AS (FSV) by its existing portfolio company Aquaship | Intership through funds advised by AIP as its majority owner.

Together the group, which has rebranded as Trident Aqua Services, will form the world's second-largest maritime service provider for the aquaculture industry, offering a comprehensive suite of services and vessels tailored to meet the industry’s evolving needs, including transportation, treatment, feed distribution, harvesting and site services.

Supported by lenders throughout the Nordics and beyond, the financing package facilitates the capex plans for the group and future potential acquisitions through its flexible covenant regime and additional commitments.

The Trident Aqua Services Group will operate a fleet in excess of 60 vessels, with eight additional vessels currently being built. More than 1,000 employees will work across Norway, Chile, the United Kingdom, Ireland, Canada and the Faroe Islands.

Ropes & Gray previously advised AIP on the acquisitions of majority stakes in Aquaship AS and Intership AS and the subsequent merger and initial refinancing of the combined group.

The Ropes & Gray team was led by finance partner Alex Robb and finance counsel Sean Darling with finance associates Kahill Sarronwala and Kwame Adzatia and trainee solicitor Jaycee How. Additional support was provided by private equity partner Victoria McGrath and private equity associate Sam Wolfe-Murray.