Intesa Sanpaolo, through the Merchant Banking Management of its Corporate and Investment Banking Division, and VEI Capital, investment company of Palladio Finanziaria in the Private Equity Mid-Cap segment, have agreed to buy a stake in RINA S.p.A., parent company of the RINA Group, Italy’s E-TIC (Engineering, Testing, Inspection, Certification) service provider.
The initial 25 million euros investment by Intesa Sanpaolo and VEI Capital, which will be underwritten by and shared equally between the two partners, may be increased to a possible 100 million euros on the strength of subsequent capital increases and backing for acquisitions.
The financial resources and expertise of the new partners is designed to support and accelerate the growth and internationalization process which RINA has initiated in recent years. VEI Capital and Intesa Sanpaolo are undertaking this investment project to help strengthen RINA’s position as a key world-class player in certification and consulting engineering, with a view to a possible stock exchange listing in the medium-term.
Today, RINA is a multinational group specialized in classification, certification, testing, inspection, training and consulting engineering services in shipping, energy, transport and infrastructure, environment and innovation.
RINA operates through companies dedicated to its specialist sectors. It has a network of 163 offices in 57 countries and over 2,500 employees, whose commitment has contributed to achieving a turnover which, with the latest acquisitions, exceeds 320 million euros.
“As a financial partner, Intesa Sanpaolo intends to back the company to accelerate the completion of its evolution process that is already under way”, stated Marco Cerrina Feroni, head of Intesa Sanpaolo Merchant Banking Management. - “Indeed, the investment represents an opportunity to take a stake in an historical company of Italian heritage, very well-managed and with excellent growth opportunities, completing a path of major strategic and managerial change”.
“The operation,” said Sergio Ravagli, Managing Partner of Palladio Finanziaria, “comes within the context of ‘expansion capital’ investment in companies with a high development potential, as recently occurred with inflow into the capital of the Fila group. The backing of financial partners in respect of a sound and well-prepared management will enable the RINA Group to take up new growth opportunities in Italy and abroad”.
"The decision of two prestigious financial groups such as Intesa Sanpaolo and VEI Capital to invest in our company gives us immense satisfaction," confirmed Ugo Salerno RINA S.p.A. President and CEO - "Their stake in our company offers us additional and decisive development opportunities in terms of both growth and also acquisitions in order to develop a leading national organisation to compete with key international players.”