RINA buys the London based Edif Group for 118.5 million pounds

   The Italian classification and certification company RINA  will acquire the entire share capital of Edif Group Limited, a company’s portfolio of Phoenix Equity Partners, which provides testing, inspection, certification and engineering consulting (ICT-CE). Edif, founded in 2011, is headquartered in London and has about 650 employees plus 2,500 employees located in more than 20 offices worldwide. The contract, signed by the holding company RINA Spa, has a value of 118.5 million pounds (about 151 million euro). The transaction, subject to customary anti-trust procedures, will take place during the second half of 2016.

RINA has specified that the acquisition was made possible by a capital increase subscribed by the shareholders RINA financial partners, VEI Capital and NB Renaissance Partners, and a loan granted by some of the major Italian banks (BNL / BNP Paribas Italy, Unicredit and Banca IMI). Furthermore, the Italian group has stressed that the operation is to RINA a further step forward in the implementation of a broader growth strategy that not only will result in a greater geographic coverage, but which will enrich even further the existing skills of the group.

“This acquisition – confirmed the president and CEO of the Italian group, Ugo Salerno – is really strategic for RINA, also in consideration of the Edif profile in the energy markets, transport, defense, industry and infrastructure that It goes well with our “DNA”. Edif also has a structure very similar to that of RINA, with two established brands: ERA representing the engineering consultancy and NDE that is associated with the testing, inspection and certification. Given the complementary nature of the services offered by our group, the integration will result in a wider geographical coverage and immediate benefits and synergies for both. With this acquisition the RINA turnover will reach 500 million euro, with an EBITDA close to 65 million Euros. This will allow us to continue the listing process in the medium term. “

The chief executive of Edif, Rob Dilworth, showed that the London-based company “is now an international reality of success in the field of inspection and engineering consultancy and we – he added – we believe there is a strong strategic rationale behind our union with RINA. Our range of services and our geographical coverage – said Dilworth – are highly complementary with existing RINA activities and we look forward to working together to push the enlarged group to new successes. “