Multinational engineering consultancy, inspection and certification group Registro Italiano Navale (RINA) has acquired the entire share capital of Finnish naval architecture and marine engineering company Foreship, from business management consultants Vaaka Partners and the company’s managers.

The acquisition marks a further expansion of RINA’s marine engineering consulting offering worldwide, while strengthening its presence in Northern Europe.

Foreship, with 2024 revenues of €15.2-million is headquartered in Helsinki and employs over 90 professionals across eight offices globally, including the US, the UK and Estonia.

The company is best known for its high- profile work in cruise ship design, energy-efficient vessel innovations, and sustainable marine technologies.

Its unique and distinctive experience in naval architecture offers high synergies within RINA Consulting and opportunities to increase market share in the maritime consultancy sector.

“Foreship offers unique competence which is highly appreciated by its clients,” says RINA executive chairperson Ugo Salerno.

“It brings an exceptional track record and a depth of expertise in naval architecture that complements our own consulting engineering capabilities,” he adds.

Further, through a shared growth path, RINA will deliver even greater value to the global shipping industry, advancing sustainability, digital innovation and ship life cycle services.

“We are proud to welcome into our group a company that shares our core values of independence, innovation and engineering excellence,” says RINA CEO Carlo Luzzatto, adding that this acquisition aligns with its strategic plan to become an increasingly essential reference point for its clients, supporting them with 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.”

Additionally, he points out that Foreship’s reputation as a trusted independent adviser is seen as a core asset that RINA aims to preserve and enhance.

Foreship CEO Lauri Haavisto comments that 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,” he stresses.

In line with RINA’s governance and organisational model, Foreship operations will be part of RINA Consulting.

Global financial advisers Lazard assisted RINA as financial adviser, supported by global management firm Bain & Company – which assisted RINA in the commercial due diligence – and by advisory, audit and assurance company PwC, which assisted in the financial and tax due diligence.

Full-service corporate law firm Borenius Attorneys acted as legal counsel to RINA in connection with the transaction.