The sale of up to 33% of Rina's shares has been formalized.
The Italian Investment Fund and other investors, including Banor and Arca Space Capital, acquired it. Carlo Luzzatto is the new CEO.
The entry of Fondo Italiano d'Investimento SGR into the shareholding structure of Rina Spa was finalized today in Rome. The transaction involves a capital injection of up to €180 million in the form of equity and a share split. Registro Italiano Navale will retain a majority stake, Fondo Italiano d'Investimento and a pool of co-investors led by it (including Banor and Arca Space Capital) will acquire a minority stake of up to 33%, and the company's management will retain a stake of approximately 3,5%. At the same time, Rina's new Board of Directors took office, appointing Carlo Luzzatto as CEO and General Manager of the company. Ugo Salerno will remain in office as Executive Chairman with responsibility for communications and institutional relations.
The announcement comes with a statement from the Genoese company itself, which states that "these changes are part of the further growth path the company is building, focused on evolving towards business models and services increasingly based on innovation and sustainability, as well as on the prospect of accessing the stock market within 3-5 years."
Davide Bertone, CEO of Fondo Italiano d'Investimento, said: "We are particularly pleased and proud to be able to actively contribute to a phase of further growth and evolution for RINA, which will increasingly play a leading international role in the engineering and certification of many sectors that underpin the ongoing technological transitions."
Ugo Salerno, Executive Chairman of Rina, stated: "Rina is a company that throughout its history, especially its recent history, has continually evolved, diversifying its business lines and expanding into international markets. In doing so, the company has broadened its horizons and, in just over twenty years, has grown exponentially in terms of both employees and revenue. I am confident that the phase we have just begun will open us up to new challenges, allowing us to reach even higher levels of excellence, and that Carlo Luzzatto is the right person to carry this plan forward. Today, we are completing a transaction we initiated with Davide Bertone and Fondo Italiano d'Investimento, with whom we have been in complete harmony from the outset."
Carlo Luzzatto, Rina's new CEO and General Manager, added: "I am thrilled and excited to join this company with a fascinating history, which also brings me back to my hometown. I would like to thank Registro Italiano Navale, Fondo Italiano d'Investimento, and the company's management team—especially Ugo Salerno—for their trust in me, and all the colleagues we are already working with. These first few weeks have confirmed that the skills and value of our people are the company's true wealth. Our commitment to innovation, combined with a strong push toward digitalization, will be the key to the Rina of tomorrow."
Paolo d'Amico, President of the Italian Naval Registry, also commented: "We stand by the management and the Board of Directors, confident that the skills and experience gained by Engineer Luzzatto represent a significant added value for the group. The significant results achieved so far are just one step in RINA's journey, a journey guided by the values that have always characterized the company and the work of its people: competence, passion, and curiosity."
An engineer trained at the world's top business schools, Carlo Luzzatto has over thirty years of experience in the energy, aerospace, and infrastructure sectors. Throughout his career, he has held senior positions—in Italy and abroad—in public and private companies such as General Electric, Ansaldo Energia, Chromalloy, and Impresa Pizzarotti. Rina's Board of Directors currently consists of Nazareno Cerni, Aldo Di Bernardo, Gianpaolo Di Dio, Simonetta Di Pippo, Emanuele Grimaldi, Carlo Luzzatto, Roberto Martinoli, Paolo Pierantoni, and Ugo Salerno.
Rina was supported in this agreement by Lazard (financial advisor), Banca Akros (co-financial advisor), PwC (financial due diligence), and Linklaters and Studio Legale Gattai, Minoli, Partners (legal advisors). Fondo Italiano d'Investimento was supported in this agreement by Legance (legal advisor), BCG (business due diligence), New Deal Advisors (financial due diligence), KPMG (tax due diligence), ERM (ESG due diligence), Marsh (insurance due diligence), and E&Y Parthenon (tech due diligence).
