Three-Way Deal Sees New Ownership Structure
Italy’s private equity firm Fondo Italiano d’Investimento is set to acquire a 33% stake in RINA, the Italian classification society. Orchestrated by RINA, Registro Italiano Navale (RINA’s main shareholder), and the fund itself, the deal is expected to be finalized by autumn 2023. As part of the transaction, RINA is expected to receive an equity capital injection of up to €180m.
Fondo Italiano’s Acquisition: A Strategic Growth Catalyst
The primary objective behind Fondo Italiano’s impending entry into the capital of Genoa-based RINA is to foster further growth. The private equity firm’s investment could drive both organic and inorganic growth, as well as fuel RINA’s international expansion plans. The transaction will be executed via a special-purpose vehicle comprising two Fondo Italiano Consolidamento e Crescita editions, along with participation from several co-investors such as Arca Space Capital.
Fondo Italiano D’Investimento: A Robust History of Backing
Established in 2010, Fondo Italiano d’Investimento has solid financial backing from numerous stalwarts like CDP Equity, Intesa Sanpaolo, UniCredit, Fondazione ENPAM, Fondazione ENPAIA, ABI, Banco BPM, and BPER Banca. Managing 16 closed-end investment funds with asset worth more than €3bn, the firm operates through both direct and indirect investments.
Analyzing RINA’s Future: A Harbinger of Strategic Success?
According to Ugo Salerno, chairman of RINA, Fondo Italiano d’Investimento is an ideal partner to propel RINA’s growth and realization of its ambitious global objectives. Salerno adumbrates confidence in the new partnership, which will usher in a new era for RINA, encompassing the full execution of its strategic plan. RINA’s future direction is pegged on ESG principles, digital service expansion, and green transition, all enabled by significant investments committed by Fondo Italiano d’Investimento.
Understanding the New Ownership Structure
Following the transaction’s completion, Registro Italiano Navale will retain majority ownership, while Fondo Italiano d’Investimento and other co-investors will hold a minority stake of up to 33%. The company’s senior management is set to secure a 2.5% stake, thereby amplifying their vested interest in the company’s continued success.
