RINA secures foothold in US infrastructure market with acquisition of Patrick Engineering
The acquisition positions the group to better support international and local clients in large overseas projects
Chicago-based engineering consultancy, Patrick Engineering, has been acquired by multinational inspection, certification and engineering firm, RINA. The acquisition is said to be aligned with RINA’s strategy to grow organically and via acquisitions, in a bid to further strengthen its geographic footprint.
According to RINA, Patrick Engineering will be fully integrated into RINA Consulting, the subsidiary of the RINA Group operating in the engineering sector. Patrick Engineering is involved in infrastructure, transport and renewable energy, and is said to have a turnover of approximately US $82mn and employees 340 staff in 19 offices mainly spread across the North-East of the United States.
“The acquisition of Patrick Engineering and the combined expertise of the new organisation represents a unique opportunity for expansion and growth in the thriving North American infrastructure market. It establishes an excellent platform not only in this sector, but also to grow all RINA’s businesses to make the US one of RINA’s main hubs. RINA will gain leverage to export its highly specialised competencies in materials, lab testing and innovative technology,” said Ugo Salerno, Chairman and CEO at RINA.
As well as adding competencies to its business, the continued international expansion is said to represent a further step in the implementation of RINA’s plan, and positions the group to better support international and local clients in large overseas projects, the firm said.
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Daniel Patrick Dietzler, Founder of Patrick Engineering added, “Our companies complement one another, and our clients and staff will benefit from this acquisition. We will accelerate our growth in new sectors and broaden our expertise. We have a strong client portfolio split between the government and the private sector including transit agencies in major cities and investor-owned utilities and heavy industries across North America. Through RINA’s international network we will gain expertise, particularly in offshore wind, high speed rail and other emerging areas of experience our clients are asking for.”
Patrick Engineering will remain as a brand part of the RINA Group, has a strong American presence, high-quality service portfolio, and respected technical capabilities. The firm, which was founded in 1979, offers a full spectrum of services, and competes successfully on its ability to perform work in a timely and efficient manner in the sectors it serves, which include renewables, infrastructures and transport, RINA noted.
With the acquisition, the service portfolio as a whole will be stronger and position the company as a significant player in the engineering sector in North America, RINA explained.
“Patrick Engineering’s prominent position in the US energy, infrastructure and transportation sectors, combined with RINA’s strong multi-sectorial expertise, particularly in sustainability and energy transition, presents an ideal opportunity to make a significant contribution to projects facilitated by the current bipartisan US Infrastructure Investment and Jobs Act,” remarked Salerno.
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Global Strategy worked with RINA during the acquisition serving as M&A advisor, in collaboration with AMA International of New York. RINA was also supported by PwC Italia, which assisted the firm with the commercial, technological, financial and tax due diligence, as well as in the finalisation of the deal. Mayer Brown acted as legal counsel to RINA in connection with the transaction, the statement from RINA concluded.
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