Ethica Group, through its M&A Advisory team, supported Ambienta SGR S.p.A., one of Europe’s leading private equity firms with a strong focus on environmental sustainability investments, in finalizing the acquisition—through its portfolio company Frigoveneta S.p.A.—of Bonera Refrigerazioni S.r.l., thereby strengthening the platform’s presence in refrigeration systems for the food & beverage industry.
Founded in 1975 and based in Ome (Brescia), Bonera specializes in the design, installation, and maintenance of refrigeration systems for the wine and food sectors.
Led by Mario and Alessandro Bonera, the company represents the second add-on for Frigoveneta, following the acquisition of Mercuri in February 2025.
The transaction aligns with Ambienta’s commitment to transforming Frigoveneta into a leading group in a €12 billion market driven by energy efficiency and the transition toward more efficient and environmentally friendly technologies, such as natural refrigerants and low-GWP solutions.
Ambienta intends to continue expanding the platform by integrating companies with complementary technologies, diversified services, and broader market access.
As part of the transaction, Ambienta was advised by the M&A Advisory team of Ethica Group, including Filippo Salvetti, Manfredi Bini Smaghi, and Sara Stefanelli as financial advisor, while Gatti Pavesi Bianchi Ludovici handled legal and tax matters, and EY Parthenon managed the commercial, financial, and HR due diligence.
