RINA ACQUIRES FINNISH FORESHIP AND CONSOLIDATES IT’S POSITION IN NAVAL ENGINEERING CONSULTANCY
RINA, a multinational engineering, inspection and certification consultancy group, has acquired the entire share capital of Foreship, a Finnish marine and mechanical engineering consultancy company owned by Vaaka Partners and the company’s management. The transaction marks a further expansion of RINA’s global offering in the field of marine engineering consultancy, while strengthening the Group’s presence in Northern Europe.
Foreship, which had revenues of €15.2 million in 2024, is headquartered in Helsinki and has over 90 professionals in eight locations worldwide, including the US, UK and Estonia. The firm is recognized for its projects in cruise ship design, innovative energy efficiency solutions and sustainable technologies applied to shipping. Foreship’s distinctive and highly specialized experience in naval architecture offers RINA Consulting further opportunities for growth in maritime consulting, particularly in complex retrofits, the introduction of new fuels and digital transformation.
Ugo Salerno, Executive Chairman of RINA , said: “Foreship brings distinctive and highly recognized skills, an excellent track record and a deep experience in naval architecture, perfectly complementary to our engineering consultancy capabilities. Together, along a shared path of growth, we will offer the global marine industry even more value, promoting sustainability, digital innovation and services for the entire lifecycle of ships.”
Carlo Luzzatto, CEO and General Manager of RINA , said: “The addition of Foreship fits perfectly with our plan to strengthen our role as a reference partner for our clients through an increasingly broad and specialized know-how. Foreship’s solid reputation and its international clientele, which includes the main cruise and shipping lines, will allow us to support the growth of our business in the marine consultancy sector. Foreship is recognized as an independent and reliable consultant, a fundamental asset that RINA intends to preserve and enhance”.
Lauri Haavisto, CEO of Foreship added: “Our vision is to be a leader in sustainable passenger ship conversions, newbuildings and consultancy. Becoming part of a global group like RINA will accelerate our growth, enrich our capabilities and strengthen our relationships with our clients, while continuing to ensure the close and personal collaboration that is essential to us.”
In line with RINA’s governance and organizational model, Foreship activities will be part of RINA Consulting.
Lazard acted as financial advisor to RINA. RINA was also supported by Bain & Company for commercial due diligence and by PwC for financial and tax due diligence. Borenius Attorneys acted as legal advisor for the transaction.
