Italian fund to acquire stake in RINA

Registro Italiano Navale, Fondo Italiano d’Investimento and RINA have signed an agreement aimed at allowing the Italian fund to become a shareholder in RINA.

After the deal’s completion, 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.

The deal is expected to be completed in the autumn of 2023 and will involve an injection of up to €180 million euros in capital in the form of equity.

Fondo Italiano d’Investimento SGR will operate through an innovative structure that includes investments from Fondo Italiano Consolidamento e Crescita (FICC), Fondo Italiano Consolidamento e Crescita 2 (FICC 2), and, for the first time, a group of co-investors coordinated by Fondo Italiano.

This transaction marks the first investment made by FICC 2, the second edition of the fund dedicated to supporting the growth and consolidation of Italian companies, which on this occasion also carried out, just one month after its launch, a first closing for a total of €245 million with cornerstone investors CDP Equity, Fondazione ENPAM, Intesa Sanpaolo, UniCredit, and other leading investors.

“We have found the most suitable partner in Fondo Italiano d’Investimento to share our growth path and the realization 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,” Chairman and CEO of RINA Ugo Salerno commented.

“RINA represents Italian excellence, with a global presence, and leadership, as well as significant ambitions for further growth and innovation not only in the shipping sector but also in the energy transition and infrastructure sectors. I am extremely pleased with the partnership we are entering into today and the trust given to us by Registro Italiano Navale and Engineer Ugo Salerno, with whom we are delighted to collaborate in building another phase of development,” Davide Bertone, CEO of Fondo Italiano d’Investimento, said.

The completion of the transaction is subject to customary conditions, including regulatory approvals.

RINA has recently teamed up with Italian shipbuilder Fincantieri and newcleo, a London-based nuclear technology company developing Generation IV reactors using nuclear waste as fuel, on nuclear propulsion for maritime sector.

The trio has agreed to carry out a feasibility study for nuclear applications to the shipping industry, including newcleo’s lead-cooled small modular reactors (SMRs) technology.