RINA acquires marine engineering firm Foreship
RINA has acquired the entire share capital of Foreship, a Finnish company specialising in naval architecture and marine engineering, from Vaaka Partners and the company’s managers.
RINA, the multinational engineering consultancy, inspection and certification group, says the acquisition is designed to expand its marine engineering consulting portfolio and strengthen its presence in Northern Europe.
Foreship, which recorded revenues of €15.2m in 2024, is headquartered in Helsinki and employs more than 90 people across eight offices worldwide, including locations in the US, UK and Estonia. The company is known for its work in cruise ship design, energy-efficient vessel projects and sustainable marine technologies.
“Foreship offers unique competence which is highly appreciated by its clients,” says 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.”
Under RINA’s governance and organisational structure, Foreship’s operations will be integrated into RINA Consulting.
“We are proud to welcome into our group a company that shares our core values of independence, innovation and engineering excellence,” says 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’s reputation as a trusted independent advisor is seen as a core asset that RINA aims to preserve and enhance.”
Lauri Haavisto, chief executive officer of Foreship, adds: “Foreship’s vision is to lead in sustainable passenger ship conversions, new builds and consultancy. 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.”
RINA was supported in the transaction by Lazard as financial advisor. Bain & Company assisted RINA with commercial due diligence, while PwC provided financial and tax due diligence. Borenius Attorneys acted as legal counsel to RINA.
