RINA Closes Edif Group Acquisition
RINA S.p.A, the holding company of the multinational testing, inspection, certification and consulting engineering group based in Genoa, Italy, has announced that it has closed its acquisition of the entire share capital of Edif Group Limited for £118.5 million (around $156 million).
High levels of synergy can be seen between Edif and RINA’s services, complementing and expanding RINA’s existing industry services and geographic network. This strategic acquisition also allows RINA to branch into new areas within its industries and geographies, providing an enhanced service offering to new and existing clients. This growth will provide extensive global coverage and strengthen RINA’s presence in key sectors, including defence, energy, transport, built environment and infrastructure.
RINA was established as a classification society in Genoa, Italy, in 1861 to meet the needs of the shipping world. The company has since diversified and today is a multinational provider of testing, inspection, certification and engineering consultancy services to organizations in the energy, marine, business assurance and transport and infrastructure markets.
Edif Group is a provider of a diverse range of technical inspection and engineering consultancy services designed to reduce risk, optimize performance and enhance capability within multiple industries. Edif is headquartered in London, UK, and employs approximately 650 employees and 2,500 associates in over 20 offices internationally, including the UK, the US, Germany, Italy, Canada, Saudi Arabia, China, Singapore, Australia and South Africa.
For EDIF, being part of the RINA Group will strengthen the company’s access to new markets thorough cooperation with RINA’s offices throughout the world. By working together the company, as a larger entity, will be able to more effectively compete for larger contracts with the energy majors and expand its presence in the US, a geographical market that the RINA Group sees as a platform for ongoing growth.
Ugo Salerno, Chairman and CEO of RINA, said: “Our strategic acquisitions, continued investment in research and development and training have resulted in a unique skill set that covers the certification of management systems, products, installations and personnel for companies operating worldwide and of all sizes. Due to the complementary nature of the business, integration will be straightforward, taking place over the next 18 months. Our philosophy is to grow companies within the group. As people are the most important asset of a service company, we will combine resources from both organisations to optimise integration and the potential of both organizations.”
With this deal RINA’s turnover reaches about €500 million ($550 mln) with an EBITDA close to €65 million ($72 mln). This will enable the company to possibly go public in the medium term. RINA’s shareholders and financial partners, will guarantee further funds for pursuing an acquisitive growth path. Following the acquisition, there will be an ongoing acquisition pipeline, which aims to expand the two companies further.