Genoa, Italy-based inspection, certification and engineering consultancy firm RINA Group on Jan. 23 announced that it has entered the U.S. infrastructure market with the acquisition of Chicago-based engineering consultancy company Patrick Engineering Ltd.
With a turnover of approximately $82 million and 340 employees in 19 offices located in the Northeast, Patrick Engineering, which is active in the infrastructure, transport and renewable energy markets, will be fully integrated into RINA Consulting, the subsidiary of the RINA Group operating in the engineering sector.
The acquisition, RINA says, is aligned with the company’s strategy to “grow both organically and via acquisitions and further strengthens the Group’s geographic footprint which already has a presence in the largest markets worldwide.” In addition to adding competencies across the Group, the continued international expansion, RINA adds, “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.”
“The acquisition of Patrick Engineering and the combined expertise of the new organization represents a unique opportunity for expansion and growth in the thriving North American infrastructure market,” said RINA Chairman and CEO Ugo Salerno. “It establishes an excellent platform not only in this sector, but also to grow all RINA’s businesses to make the U.S. one of RINA’s main hubs. RINA will gain leverage to export its highly specialized competencies in materials, lab testing and innovative technology.”
“Our companies complement one another, and our clients and staff will benefit from this acquisition,” Founder of Patrick Engineering Daniel Patrick Dietzler added. “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.”
Founded in 1979, Patrick Engineering, which has a “strong local presence, high-quality service portfolio and respected technical capabilities,” will remain as a brand part of the RINA Group. According to RINA, Patrick Engineering “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, the service portfolio “will be stronger and position the company as a significant player in the engineering sector in North America,” RINA added.
Among Patrick Engineering’s notable references:
- Program and Construction Manager on the Massachusetts Bay Transportation Authority’s (MBTA) $1.2 billion Red/Orange Line Transformation Program.
- Technical consulting and program management services for American Electric Power (AEP) Ohio. The total value of the project is $650 Million.
- Project management, project controls and risk management for the Advanced Photon Source Upgrade (APSU) of Energy’s Argonne National Laboratory project, which aims to “develop the most powerful multi-bending achromat in the U.S. Department of Energy (DOE) complex.” The total value of the project is $700 Million.
“Patrick Engineering’s prominent position in the U.S. 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 U.S. Infrastructure Investment and Jobs Act (IIJA),” Salerno said.
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 finalization of the deal. Mayer Brown acted as legal counsel to RINA in connection with the transaction.