Madefrigor acquired by Frigoveneta

Frigoveneta acquired Madefrigor and its subsidiary Tecnica del Freddo on 23 September 2026, as a portfolio company of Ambienta’s fourth fund, and adopted the group name Glacialis alongside the transaction, bringing its member companies under a single identity. Francesco Bosa, Madefrigor’s sole shareholder and managing director, remained at the head of the business and reinvested in the platform. Founded in 1975 at Rovello Porro in the province of Como, Madefrigor designs, assembles and installs industrial refrigeration systems and air handling units built to each customer’s requirements, and maintains them thereafter. Its installations cool and control the atmosphere of food production plants, particularly the drying and curing rooms in which cheese and cured meats are matured, alongside refrigerated warehouses and pharmaceutical facilities. It acquired Tecnica del Freddo, a Parma-based maintenance specialist with over seventy years of activity, in May 2025. The company’s position in natural refrigerants explains much of its attraction, its systems operating on ammonia, carbon dioxide and propane rather than the fluorinated gases that European regulation is progressively withdrawing on account of their warming potential. Those refrigerants demand different engineering, ammonia being toxic and propane flammable, and the certified technicians qualified to install and service such plant are in limited supply. The European market for commercial and industrial refrigeration is worth around 12 billion euros and remains divided among specialist installers, while refrigeration accounts for approximately 500 million tonnes of greenhouse gas emissions annually, through leakage and through the electricity the systems consume. Both regulatory pressure and the cost of that consumption have made replacement a matter of obligation rather than choice for operators. This was the platform’s fifth acquisition in eighteen months, within a programme Ambienta began in early 2024, and it added manufacturing capability in natural refrigerant chillers alongside distribution relationships of several decades’ standing in Argentina and Australia. Ethica Group acted as financial adviser to Ambienta, with Gatti Pavesi Bianchi Ludovici on legal and tax matters and EY Parthenon on commercial, financial and human resources due diligence.