American Industrial Partners LP, Talweg Capital acquires AquaShip AS, Intership AS

American Industrial Partners Capital Fund VII, LP (AIP) has acquired AquaShip AS and Intership AS in a deal completed on December 18, 2023. AIP becomes the majority and controlling shareholder of the merged entity, which aims to create one of the largest diversified aqua service vessel operators globally.

The combined company will operate across six countries with a fleet of 39 vessels and nearly 700 employees. AquaShip brings expertise in multiple vessel types, while Intership is known for its modern live fish carrier fleet and innovative technology. Both companies have long-term customer relationships and strong technical competence in the aquaculture sector.

Deal structure and financing

The deal terms include AIP taking a controlling stake with management from both AquaShip and Intership retaining significant shares. Alchemy, previously the largest shareholder of Intership, sold its entire stake to AIP but is not exiting entirely; it co-invests alongside AIP and will have representation on the board through Talweg Capital, which also serves as an advisor.

Regulatory path

No specific regulatory filings or review processes were disclosed in relation to this merger. Given the nature of the businesses involved—focusing on aquaculture vessel operations—the primary jurisdictions likely affected include Norway, where both companies are based, and other countries with significant aquaculture industries such as Chile, Canada, and the United Kingdom.

Strategic context

The acquisition represents AIP’s strategy to invest in industrial assets with strong operational expertise and market leadership. By merging AquaShip and Intership, AIP aims to leverage synergies between two complementary businesses that together offer a broad range of aqua services.

For AquaShip and Intership, the deal provides access to substantial capital for growth initiatives at a time when demand for diversified aquaculture support is increasing globally. The combined entity will benefit from enhanced economies of scale, broader geographic reach, and the ability to invest more heavily in technological innovation and fleet expansion.