25/01/2023 – Engineering / RINA / US / Infrastructure / Patrick / Consultancy / Transport / Renewables
RINA enters US infrastructure market with acquisition of Patrick Engineering
Inspection, certification and engineering consultancy multinational RINA has announced the acquisition of the entire share capital of Patrick Engineering Ltd, the Chicago-based engineering consultancy active in infrastructure, transport and renewable energy.
With a turnover of approximately US$82 million, and 340 employees across 19 offices mainly located in the USA’s northeast, Patrick Engineering will be fully integrated into RINA Consulting – the subsidiary of RINA Group operating in the engineering sector.
The acquisition is aligned with RINA's strategy to grow both organically and via acquisitions, and further strengthens the Group's geographic footprint, which already encompasses a presence in the largest markets worldwide. Alongside adding competencies across the Group, the continued international expansion represents a further step in the implementation of RINA's plan and also positions the Group to better support international and local clients in large overseas projects.
“Unique opportunity” for North America expansion
“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,” remarked Ugo Salerno, Chairman and CEO at RINA. “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,” he noted. “RINA will gain leverage to export its highly specialised competencies in materials, lab testing and innovative technology.”
Daniel Patrick Dietzler, Founder of Patrick Engineering, commented that the two companies complement one another, and said he was confident that his firm’s clients and staff would benefit from this acquisition. “We will accelerate our growth in new sectors and broaden our expertise,” he asserted. “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's notable references
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 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.
With the acquisition, Patrick Engineering’s service portfolio as a whole will be stronger and position the company as a significant player in the engineering sector in North America.
Among Patrick Engineering's notable references are:
• Program and Construction Manager on the MBTA's (Massachusetts Bay Transportation Authority) Red/Orange Line Transformation Program (total project value: US$1.2bn);
• Technical consulting and program management services for AEP (American Electric Power) in Ohio (total project value: US$650m);
• Project management, project controls and risk management for the Advanced Photon Source Upgrade (APSU) of Energy's Argonne National Laboratory project. The aim of the project is to develop the most powerful multi-bending achromat in the US Department of Energy (DOE) complex (total project value: US$700m).
Upcoming Infrastructure Investment and Jobs Act projects
"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," concluded Mr Salerno.
Global Strategy assisted RINA during all phases of the acquisition as M&A advisor, in collaboration with AMA International of New York. RINA was also supported by PwC Italia, which assisted RINA in 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.
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