Sherpa Capital buys majority of Koxka to boost refrigeration scale

Sherpa Capital has taken a controlling stake in Koxka, the Navarre-based maker of refrigerated display cases, in a deal that bundles a capital increase with purchases of shares from existing investors. The operation results in the partial exit of public investor SEPI (via Sepides), which held a 26.59% position prior to the transaction.

The private equity firm says the fresh funding will allow Koxka to accelerate product development and international expansion, with an explicit ambition to double the company’s size within three to four years. Management and the Razkin Guinduláin family will remain in charge: Ignacio Razkin stays as Chairman & CEO and his son Mikel Razkin will continue as Deputy Director while keeping a minority stake.

Founded in 1966 and operating under the commercial brand Koxka (Grupo K Refrigeración), the company sells more than 6,000 refrigerated units a year, employs over 250 people and posts roughly €50 million in annual revenue with an EBITDA around €4 million. Exports already account for about 53% of sales, with notable footprints in the UK, Northern Europe and Latin America, and offices in Mexico, France, the UK and the United States.

This move sits squarely within a broader private equity appetite for mid-market industrial manufacturers that combine strong export profiles with technology and energy-efficiency upgrade needs. Commercial refrigeration is under pressure from rising energy costs and tighter efficiency standards across the EU; investors are increasingly backing companies that can deliver lower-running-cost equipment and digitalised maintenance services.

For context, Sherpa Capital is a Spain-based mid-market private equity manager with roughly €350 million under management, a team of around 35 professionals and more than 15 years of activity in the Iberian market. The firm’s stated playbook—scaling organically, professionalising management and pushing exports—aligns with the requirements of Koxka’s next stage of growth.

SEPI’s entry into Koxka in 2021 followed a €3 million injection by Sepides that funded overseas roll-out and R&D projects focused on energy efficiency. With SEPI exiting now, Sherpa’s capital and strategic support are expected to step in to finance new R&D cycles, build out sales channels and increase manufacturing capacity to meet forecast demand — the company is eyeing approximately 20% growth in 2026.