- Acquisition Expands RINA’s Presence in Northern Europe.
- Foreship Adds Cruise Design and Sustainability Expertise.
- €15.2M Revenue Firm Brings 90+ Professionals Across 8 Offices.
RINA, the multinational engineering consultancy, inspection, and certification group, has taken a big step by acquiring 100% of Foreship, a Finnish marine engineering firm celebrated for its innovative approach to cruise ship design and sustainable technologies. The shares were bought from Vaaka Partners and the company’s management team, reports RINA.
Strategic Expansion in Marine Consulting and Northern Europe
This acquisition is a major milestone for RINA as it seeks to broaden its marine consulting presence globally, especially in Northern Europe, where Foreship has established itself as a key player.
Foreship’s Global Presence and Core Expertise
Based in Helsinki, Foreship reported revenues of €15.2 million in 2024 and boasts a team of over 90 professionals spread across eight offices worldwide, including in the USA, UK, and Estonia.
The company is highly regarded for its contributions to cruise ship design, energy efficiency innovations, and sustainable marine technology. Its specialised knowledge in naval architecture aligns perfectly with RINA Consulting, particularly in areas like complex retrofits, new fuel integration, and digital transformation.
RINA Executive Chairman: Exceptional Track Record
“Foreship offers unique competence which is highly appreciated by its clients,” said Ugo Salerno, Executive Chairman of RINA. “It brings an exceptional track record and a depth of expertise in naval architecture that complements our own consulting engineering capabilities. Together, on a shared path of growth, we will deliver even greater value to the global shipping industry, advancing sustainability, digital innovation and ship lifecycle services.”
RINA CEO: Natural Fit for Our Growth Strategy
“We are proud to welcome into our group a company that shares our core values of independence, innovation, and engineering excellence,” said Carlo Luzzatto, Chief Executive Officer and General Manager of RINA. “This acquisition aligns with our strategic plan to become an increasingly essential reference point for our clients, supporting them with our broad-based knowledge. Foreship’s solid reputation and global customer base, including major cruise lines and shipping companies, make it a natural fit for our fast-growing marine consulting business. Foreship reputation as a trusted independent advisor is seen as a core asset that RINA aims to preserve and enhance.”
Foreship CEO: Joining RINA Will Accelerate Our Growth
“Foreship’s vision is to lead in sustainable passenger ship conversions, new builds, and consultancy,” said Lauri Haavisto, Chief Executive Officer of Foreship. “Joining forces with a global partner like RINA will accelerate our growth, expand our knowledge, and strengthen our client relationships, while continuing to foster the close collaboration we value.”
Advisory and Legal Support
- Lazard stepped in as the financial advisor for RINA.
- Bain & Company played a key role in conducting commercial due diligence.
- PwC took care of the financial and tax due diligence.
- Borenius Attorneys provided legal counsel for RINA throughout the transaction.
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Source: RINA
