An important objective has just been reached by Italian company Frigel Firenze, a leader in the field of industrial refrigeration systems: with a view to creating an increasingly important point of reference in the global industrial refrigeration sector, it has bought out the company Green Box, of Padua (Italy). The operation involved 100% of the Green Box shares and sees Franco Spiandorello and Caterina Spiandorello, formerly CEO and managing director of Green Box, taking on key roles within the Frigel management team.

This takeover will allow Frigel to further strengthen its presence on the international market by creating a group, with a turnover of over 70 million euros as well as considerable margins and interesting growth prospects, that is ready to rise to the challenges of the competitive global scenario.

Founded in 1991 in Piove di Sacco (Padua), Green Box is a leading name in industrial refrigeration and temperature control, which specialises in the production of systems and machinery for water and fluid temperature control within industrial processes. Its solutions can be customised and are applicable to a range of industrial settings, such as plastics processing, the production of biogas and energy, die casting and the food industry.

Frigel Firenze, on the other hand, is a company that has been operating since the 1960s and is widely known globally. It boasts a turnover of almost 60 million euros and has recorded a steady growth rate for over twenty years (CAGR of approximately 20% in the past three years) and Ebitda superior to 10% of sales. The company produces cooling systems, chillers and temperature controllers for industrial applications, using cutting-edge technologies for production process cooling and temperature control, thanks to the development of efficient and reliable cooling solutions and a manufacturing and sales structure spread over Italy, the Usa, Germany, Brazil, India and Thailand.

For almost sixty years, Frigel has been offering advanced technological solutions to the leading players in areas such as rubber and plastics processing, drinks manufacturing, metalworking, and the oil & gas and shipping industries, guaranteeing high-efficiency performances in terms of energy and water consumption, as well as reduced maintenance, less waste and optimisation of the production performance of its customers' plants.

“We are delighted that Green Box is now part of our group. Green Box harbours considerable technical and innovative potential that, thanks to the Frigel Group’s strong position on the international markets, will now be able to find its natural outlet”, said Frigel CEO, Duccio Dorin.

In the course of this operation, Frigel was assisted by Deloitte Financial Advisory, acting as financial advisor, through a team led by partner Lorenzo Parrini and comprising team members Andrea Zen and Marco Parisi. Deloitte also carried out the financial and fiscal due diligence activity under the supervision of Luca Zesi and Marcello Braglia, while Deloitte Legal provided Frigel with legal assistance (through partner Massimo Zamorani). Green Box received legal assistance from Terrin Associati during the drawing up of the contractual documents.

“Frigel’s takeover of Green Box is an interesting example of sectoral aggregation between Italian family businesses. The combination of these two entrepreneurial success stories will give rise to important industrial synergies that will allow Frigel to continue growing and expanding, increasingly strengthening its role as a leader in its particular reference market”, remarked Lorenzo Parrini, partner of Deloitte Financial Advisory.