Glacialis Acquires Madefrigor, Expands Industrial Refrigeration

In a strategic move to consolidate its position in the sustainable industrial refrigeration sector, Frigoveneta, a key portfolio company of Ambienta IV, has officially rebranded as Glacialis. This rebranding coincides with the acquisition of Madefrigor, a prominent player in industrial cooling solutions, along with its subsidiary Tecnica del Freddo. This marks the fifth add-on acquisition for the platform since the beginning of 2024, underscoring a robust expansion strategy driven by Ambienta SGR.

The integration of Madefrigor and Tecnica del Freddo significantly bolsters Glacialis's capabilities, particularly in serving the food industry with advanced refrigeration and air treatment systems. Madefrigor, established in 1975, brings extensive expertise in designing, installing, and managing industrial refrigeration units for sectors like dairy, cured meats, and cold storage. The acquisition of Tecnica del Freddo, a company with over 70 years of operational history, further strengthens Glacialis's service and maintenance division. Notably, Francesco Bosa, the former sole owner and General Manager of Madefrigor, will continue to lead operations within the newly formed Glacialis group and has reinvested in the entity.

Financially, Madefrigor reported revenues of €18.7 million and an EBITDA of approximately €2 million in 2025, with a net debt of €3.9 million. Tecnica del Freddo contributed €3.4 million in revenue and €300,000 in EBITDA during the same period. These figures highlight the substantial operational scale and market presence that Madefrigor and Tecnica del Freddo bring to the consolidated entity.

This strategic consolidation aligns with European directives focused on enhancing energy efficiency and phasing out refrigerants with high global warming potential (GWP). Ambienta SGR is actively positioning its portfolio companies, including the newly formed Glacialis, to capitalize on the transition towards environmentally friendly natural refrigerants such as ammonia, carbon dioxide, and propane. The acquisition of companies with established expertise in these natural refrigerant systems is a core tenet of Ambienta's investment thesis in the industrial cooling sector.

The rebranding to Glacialis signifies a unified vision and operational structure for the group, integrating previous acquisitions such as Mercuri Angelo, Bonera Refrigerazioni, Freddo & Co., and Saim Impianti under a single, cohesive brand. This move aims to streamline operations, enhance market recognition, and drive synergistic growth across the expanded platform.

Massimiliano Lecchi, Private Equity Partner at Ambienta, commented on the acquisition, stating, “The addition of Madefrigor represents a significant step in the rapid growth of our platform over the past two years. Beyond industrial synergy, this transaction brings specialized knowledge in natural refrigerants and opens new avenues for international expansion. The launch of Glacialis is the logical progression, transforming a series of successful acquisitions into a unified group with a shared identity and ambition.” Marco Rampichini, CEO of Glacialis, added, “We are excited to welcome Madefrigor and Tecnica del Freddo, entities that share our technical ethos and deep experience in the food sector. Their proficiency in natural refrigerant systems and air handling units perfectly complements our existing capabilities.”