Italian classification society Rina has completed the £118.5m ($171m) acquisition of UK testing, inspection, certification (TIC) and consulting engineering company Edif.
The move is part of a long term plan to grow into a diverse TIC company.
In a statement Rina said: “The acquisition represents a further step towards the fulfilment of Rina's broader growth strategy, which will increase its geographical coverage, and deliver a higher level of technical expertise for its customers.
“In particular, the acquisition of Edif will significantly increase Rina’s presence in the UK, alongside the US and German market, where the combination of the two groups will provide a platform for further expansion.”
The deal was concluded at a signing ceremony attended by Rina chairman Ugo Salerno in London today.
Salerno is in charge of ambitious growth plans and said the acquisition will contribute toward Rina one day becoming a public company.
“Due to the complementary nature of the business, integration will be straightforward, resulting in a wider geographical footprint and immediate business gains. With this deal Rina's turnover reaches about EUR 500m with an EBITDA close to EUR 65m.
"This will enable us to possibly go public in the medium term,” he said.
