QIC, Inc. Has Been Acquired by RINA Services
HOUSTON, May 7, 2015 - GulfStar Group ("GulfStar") is pleased to announce the acquisition of QIC, Inc. ("QIC" or the "Company") by the U.S. subsidiary of RINA S.p.A. ("RINA"), a multi-national group based in Genoa, Italy. GulfStar served as the exclusive financial advisor to QIC throughout the transaction that closed on April 30, 2015.
QIC is a leading testing, inspection and certification ("TIC") company serving major and independent operators as well as manufacturers in the energy industry. The Company provides highly trained and experienced quality field inspectors, consultants, engineers and specialists to deliver customers mission-critical, quality surveillance and ensure asset integrity. Founded in 1990, and headquartered in Houston, Texas, the Company has expanded its presence globally with locations in Louisiana, the United Kingdom, Singapore and Malaysia. Existing QIC management will continue to lead the Company's operations as part of the RINA group of companies.
"We are very pleased with the outcome of this transaction and the opportunities this combination will bring to our loyal customers and employees," said Douglas Fletcher, founder of QIC. "We could not have selected a better partner than RINA to drive expansion and take QIC to the next level, nor could we have closed this transaction without the help of GulfStar. The advice and guidance provided by the GulfStar team throughout this process was invaluable."
QIC will maintain its brand and operate as a RINA group company. The acquisition reflects RINA's strategy of growing by acquiring high quality companies with complementary expertise and access to new markets, among which the U.S. holds a great potential for the Italy-based expanding company. At the same time, QIC will be able to widen the range of services offered to its clients and expand into areas where RINA is already strong as a certification and classification society.
"QIC is a well-established TIC company with a strong, blue-chip customer base of operators and manufacturers operating globally with expertise that complements that of RINA," said Stefano Socci, General Manager Americas, RINA Services. "The RINA and QIC combination will allow us to more rapidly expand our presence in the global offshore and subsea markets."
RINA is a multi-national group which delivers verification, certification, conformity assessment, marine classification, environmental enhancement, product testing, site and vendor supervision, training and engineering consultancy across a wide range of industries and services. RINA operates through a network of companies covering Marine, Energy, Infrastructures & Construction, Transport & Logistics, Food & Agriculture, Environment & Sustainability, Finance & Public Institutions and Business Governance. With a turnover of over 330 million Euros in 2014, over 2,750 employees, and 163 offices in 60 countries worldwide, RINA is recognized as an authoritative member of key international organizations and an important contributor to the development of new legislative standards.
The GulfStar team included Managing Director Colt Luedde, Senior Vice President Brian Lobo, and Associate Ben Stanton. "We are very pleased to have had the opportunity to represent QIC in this important transaction. The combination will expand QIC's geographic reach and service offerings, benefitting both its customers and employees. The acquisition also positions RINA with a strong foothold in the U.S. energy markets," said Colt Luedde.
About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed approximately 600 transactions in 33 states and 10 foreign countries across a variety of industries.