EuropeOperations

Rina buys UK rail consultancy as it takes another step towards IPO

Ugo Salerno, chairman and ceo of Italian classification society Rina, has made good on his promise to diversify and expand. Rina has bought out UK rail consultancy Edif Group from Phoenix Equity Partners for £118.5m.

Rina is funding the acquisition through an equity capital injection from its financial shareholders VEI Capital and NB Renaissance Partners together with a new financing facility provided by three banks.
Salerno said the deal takes Rina’s annual turnover to close to EUR500m and positions the classification society closer to listing in either Milan or London, something Salerno sees as viable within the next 30 to 36 months.

In an interview for Splash’s recently published Italy Market Report magazine, Salerno outlined a “strong and targeted acquisition programme”, aimed at making revenues from overseas exceed its Italian business in the coming years.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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