Institutional investor Fondo Italiano d’Investimento is taking a minority stake in Italian classification society RINA.
The Italian fund is injecting €180m ($197m) in equity to acquire 33% of the Genoa-based testing, inspection and certification body.
RINA’s management will retain a 2.5% stake, while the majority holding is retained by Registro Italiano Navale, a privately owned non-profit organisation.
The deal marks the latest effort by RINA’s management to promote organic and inorganic growth, as well as international expansion.
Ugo Salerno, the long-standing chief executive and chairman at RINA, said: “We have found the most suitable partner in Fondo Italiano d’Investimento to share our growth path and the realisation of ambitious goals we have worldwide.
“It is a high-level institutional partner, Italian like us, with whom we will embark on a new phase for RINA and who will allow us to fully implement our strategic plan.”
RINA generated pro-forma revenues of more than €664m in 2022 and is on track to attain growth objectives of nearly €800m in 2023.
But Salerno said the additional equity would be used to promote digital services and processes that favour ecological transition.
Further growth
Davide Bertone, chief executive at Fondo Italiano d’Investimento, said: “RINA represents Italian excellence, with a global presence, and leadership.”
He flagged RINA’s “significant ambitions for further growth and innovation, not only in the shipping sector but also in the energy transition and infrastructure sectors”.
The deal is the first involving Fondo Italiano Consolidamento e Crescita 2 (FICC 2), the second fund managed by Fondo Italiano d’Investimento dedicated to supporting growth and consolidation of strategically important Italian companies.
Fondo Italiano d’Investimento was established by the Italian Ministry of Finance and manages 16 closed-end investment funds reserved for qualified investors, with assets of more than €3bn.
The fund is backed by financial institutions including CDP Equity, Intesa Sanpaolo, UniCredit, Fondazione ENPAM, Fondazione ENPAIA, ABI, Banco BPM, and BPER Banca.
RINA operates in 70 countries worldwide, with 5,300 employees and 200 offices.
The completion of the transaction is subject to regulatory approvals but is expected to be completed in the coming months.
