Genoa - Intesa Sanpaolo and Palladio Finanziaria’s Vei Capital have signed an agreement buying into RINA, the multinational group specialized in classification, certification, testing, inspection, training and engineering consultancy in the areas of seafaring, energy, transport, infrastructure environment and innovation.
The initial commitment from the new stakeholders, which is for €25mn shared equally between Intesa Sanpaolo and Vei Capital, could grow to €100mn through a capital increase, for the purpose of making future acquisitions.
Specifically, with these €25mn, Intesa and Palladio will be a heavyweight 9% stakeholder in RINA SpA, eroding the 95% stake that is currently controlled by Registro Italiano Navale (a private non-profit organisation, in which stakes are owned by some Chambers of Commerce, shipowners, insurers, shipyards, professionals and engineers) - the other 5% of the type B stock is held by the management.
Should the two financial institutions top up to 100 million, their capital would represent 28-29% of RINA SpA. “Our financial resources and the capabilities of our new stakeholders,” RINA explained, “will accelerate our growth and the internationalization of our business, which we have undertaken in recent years, most notably with the acquisition of D’Appolonia. Vei Capital and Intesa Sanpaolo will undertake this investment project with the goal of making RINA a key global player in certification and engineering consulting, especially in light of the IPO that we are considering in the medium term.”
Ugo Salerno, the president and CEO of RINA, spoke about opportunities both in terms of growth and acquisitions. The Venice Shipping and Logistics fund will advise on the operation.