Ethica Group, through its M&A Advisory team, advised Ambienta SGR S.p.A., one of Europe’s leading private equity firms, with a particular focus on investments aimed at environmental sustainability, on the completion of the acquisition – through its portfolio company Glacialis (the new name of the Frigoveneta group following its rebranding) – of Madefrigor S.r.l., together with its wholly owned subsidiary Tecnica del Freddo S.r.l. The company is a family-owned business specializing in the design, assembly, installation and maintenance of industrial refrigeration systems and air handling units (AHUs). Francesco Bosa, the company’s CEO and sole shareholder, will continue to lead Madefrigor and will reinvest in the platform alongside Ambienta.
Founded in 1975 and headquartered in Rovello Porro (Como), Madefrigor designs, assembles and installs customized industrial refrigeration systems and air handling units, covering the entire value chain, from engineering to after-sales service. In 2025, it strengthened its operations through the acquisition of Tecnica del Freddo, a Parma-based company specializing in the installation and maintenance of refrigeration systems, with more than 70 years of experience and a well-established base of long-standing customers. Together, the two companies now operate primarily in the food & beverage sector, with deep and recognized expertise in the dairy and cured-meat industries, supported by extensive experience in the construction of drying and curing systems. Other markets served include refrigerated warehouses and applications for the pharmaceutical industry.
Through this fifth add-on acquisition, the Glacialis platform further strengthens its leadership in the dairy and cured-meat segments, gains significant expertise in the production of chillers using natural refrigerants and air handling units (AHUs), and expands its presence in attractive international markets, including Argentina and Australia, where Madefrigor benefits from decades-long partnerships with local distributors.
