Rina spa, the parent company of the Rina Group, Italy’s leading E-TIC (Engineering, Testing, Inspection, Certification) service provider. will buy the entire capital of British testing and inspection firm Edif Group Limited for about 150 million euros, MF Milano Finanza wrote yesterday and the company confirmed (see here the press release),
The seller is Phoenix Equity Partners, who has been invested in Edif Group for 5 years and will cash in 118.5 million pounds (that means about 151 million euros). The closing of the deal is expected in the second half of 2016.
Rina spa will finance the acquisition thanks both to a capital increase by its shareholders, Vei Capital and NB Renaissance Partners (see here a previous post by BeBeez) private equity funds and to a loan facility issued by Bnl-BnpParibas, Unicredit and Banca Imi.
Rina reached more than 375 million euros in revenues last year with 46 millions in ebitda and is active with 163 offices in 60 countries in the world. Edif Group reached 77.8 million euros in revenues instead in 2015 and counts 20 offices in the wolrd. “Thanks to this acquisition Rina will reach 500 million euros in revenues this year and about 65 millions in ebitda”, Rina’s ceo Ugo Salerno said, adding that “this will allow us to go on with our project of listing the company at the Milan Stock Exchange in the medium term”.
Rina was advised for the deal by Rothschild, Gattai Minoli Agostinelli & Partners law firm, Mayer Brown, PwC, Boston Consulting Group and LS Advisory. While Edif and Phoenix were supported bu Baird, Travers Smith, EY, Credo Consulting and Cooley.
