RINA enters the US infrastructure market with the acquisition of Patrick Engineering
GENOA, Italy, January 23, 2023 /PRNewswire/ — RINA, the multinational inspection, certification and engineering consultancy, has announced the acquisition of the entire share capital of Patrick Engineering Ltd. Chicagobased engineering consultancy working in infrastructure, transport and renewable energy. With a turnover of approx 82 million dollars and 340 employees in 19 offices located primarily in the Northeastern US, Patrick Engineering will be fully integrated into RINA Consulting, RINA Group's engineering subsidiary.
Ugo Salerno, Chairman and CEO of RINA (right) and Daniel Ditzler, founder of Patrick Engineering (left).
The acquisition is in line with RINA's strategy to grow both organically and through acquisitions and further strengthens the Group's geographic footprint, which already has a presence in the world's largest markets. In addition to adding competencies across the group, the continued international expansion represents a further step in the execution of RINA's plan and also positions the group to better support international and local clients in major overseas projects.
Hugh SalernoChairman and CEO of RINA, says: "The acquisition of Patrick Engineering and the combined expertise of the new organization represents a unique opportunity for expansion and growth in the booming infrastructure market in North America. It creates an excellent platform not only in this sector, but also to grow all of RINA's businesses to make the US one of RINA's core hubs. RINA will gain leverage to export its highly specialized competencies in materials, laboratory testing and innovative technologies."
Daniel Patrick Ditzlerfounder of Patrick Engineering, commented: "Our companies complement each other and our customers and staff will benefit from this acquisition. We will accelerate our growth in new sectors and expand our expertise. We have a strong split of client portfolio between government and private sector, including transit agencies in major cities and investor-owned utilities and heavy industries everywhere North America. Through RINA's international network, we will gain expertise, particularly in offshore wind systems, high-speed rail and other emerging areas of expertise that our clients want."
Founded in 1979, Patrick Engineering, which will remain as a brand part of the RINA Group, has a strong local presence, high-quality service portfolio and respected technical capabilities. It offers a full range of services and competes successfully with its ability to deliver work in a timely and efficient manner in the sectors it serves, which include renewable energy, infrastructure and transport. With the acquisition, the overall service portfolio will be stronger and position the company as an important player in the engineering sector in North America.
Among Patrick Engineering's notable references:
Program and Construction Manager on the MBTA (Massachusetts Bay Transportation Authority) Red/Orange Line Transformation Program. The total cost of the project is 1.2 billion dollars.
Technical consulting and program management services for AEP (American Electric Power) Ohio. The total cost of the project is 650 million dollars.
Project management, project control and risk management for Energy's Argonne National Laboratory Advanced Photon Source Upgrade (APSU) project, which aims to develop the most powerful multi-bending achromat at the US Department of Energy complex ( DOE). The total cost of the project is 700 million dollars.
"Patrick Engineering's prominent position in the US energy, infrastructure and transportation sectors, combined with RINA's strong multi-sector expertise, particularly in sustainability and energy transition, represents an ideal opportunity to make significant contributions to projects facilitated by the current bipartisan US Infrastructure Investment and the Employment Act," concludes Salerno.
Global Strategy assisted RINA during all phases of the acquisition as M&A advisor, in collaboration with AMA International on new York. RINA was also supported by PwC Italia, which assisted RINA in commercial, technological, financial and tax due diligence as well as in finalizing the transaction. Mayer Braun is acting as legal advisor to RINA in connection with the transaction.
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SOURCE RINA Group