RINA is getting a new shareholder in a three-way deal that will see Milan-based private equity firm Fondo Italiano d’Investimento buy a 33% stake in the Italian classification society.
The transaction, agreed by RINA, its main shareholder Registro Italiano Navale and the fund is expected to close in autumn 2023, with a capital injection of up to €180m ($198.5m) in equity upon completion.
The entry of Fondo Italiano in the capital of the Genoa-headquartered multinational is aimed at providing additional support for the company’s growth, both organically and inorganically, as well as its international expansion.
The operation is carried out through a dedicated vehicle in which the two editions of the Fondo Italiano Consolidamento e Crescita and some co-investors participate, including Arca Space Capital.
Fondo Italiano d’Investimento was established in 2010 with the initiative of the Italian Ministry of Economy and Finance and is backed by CDP Equity, Intesa Sanpaolo, UniCredit, Fondazione ENPAM, Fondazione ENPAIA, ABI, Banco BPM, and BPER Banca. It manages 16 closed-end investment funds with assets of over €3bn and operates through both direct and indirect investments.
Ugo Salerno, the chairman of RINA (pictured), commented: “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. Based on ESG principles, we will continue to expand our digital services and processes in favour of ecological transition: a journey that involves significant investments, made possible also thanks to the commitment of Fondo Italiano d’Investimento”.
The ownership structure will see Registro Italiano Navale maintaining the majority stake, Fondo Italiano d’Investimento and other co-investors holding a minority stake of up to 33%, and the company’s management participating with a 2.5% stake.
