Vaaka Partners has sold Finnish maritime engineering specialist Foreship to global consultancy group RINA, marking a strategic exit for the private equity firm following five years of value creation.

Since partnering with Foreship in 2019, Vaaka supported the company in scaling its international presence, expanding its technical capabilities, and building a leading position in maritime sustainability. The firm recorded a 31% rise in revenue in 2024, reaching €15.2m, driven by demand for cruise ship conversions, low-carbon engineering solutions, and alternative fuel integrations.

“Together with the management team, we have expanded Foreship’s footprint and built lasting customer relationships,” said Petrus Blomqvist, Partner at Vaaka Partners. “We believe RINA is the right partner to take Foreship’s story forward on the global stage.”

Foreship will continue to operate under its own brand and leadership, joining RINA’s marine consulting division as a separate entity. The acquisition strengthens RINA’s portfolio in complex ship conversions, digital transformation, and sustainability.

“Foreship’s vision is to lead in sustainable passenger ship conversions and new builds,” said Lauri Haavisto, CEO of Foreship. “Joining RINA will accelerate that mission.”

RINA, which reported €915m in revenues in 2024, now adds Foreship’s 60-country project base and 8 global offices to its platform. The acquisition is backed by majority shareholder Registro Italiano Navale and Fondo Italiano d’Investimento SGR.

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