Frigoveneta acquires Madefrigor and Tecnica del Freddo, rebranding as Glacialis

• Fifth add-on in 18 months, reinforcing the platform’s ambition to lead consolidation in Italy’s fragmented refrigeration market.
• Madefrigor and its subsidiary TDF strengthen the group’s food industry positioning and expand its access to international markets.
• The platform rebrands as Glacialis, bringing all group companies under a single identity.

Milan/London/Paris/Munich/Stockholm, 23 September 2026 - Ambienta SGR S.p.A. (“Ambienta”), one of Europe’s largest asset managers exclusively focused on environmental sustainability, is pleased to announce that its platform company Frigoveneta S.p.A. (“Frigoveneta”), an investment of Ambienta IV, has acquired Madefrigor S.r.l. (“Madefrigor”), together with its wholly controlled subsidiary Tecnica del Freddo S.r.l. (“Tecnica del Freddo”), a family-owned business specialised in the design, assembly, installation and servicing of industrial refrigeration systems and air handling units (AHUs). Francesco Bosa, Managing Director and sole shareholder of the company, will remain at the helm of Madefrigor and reinvest in the platform alongside Ambienta.

Founded in 1975 and headquartered in Rovello Porro (Como), Madefrigor designs, assembles and installs tailor-made industrial refrigeration systems and air handling units, covering the full value chain from engineering to after-sales support. Its service capabilities were further strengthened in May 2025 with the acquisition of Tecnica del Freddo, a Parma-based specialist with over 70 years of experience in maintaining and installing refrigeration systems for a long-tenured customer base. Together, the two companies operate primarily in the food and beverage industry, boasting deep and recognised expertise in dairy and cured meats underpinned by a strong track record in drying and curing plants. Additional end-markets include refrigerated warehouses and pharmaceutical applications. Madefrigor combines significant technical depth with a differentiated positioning in fully natural gas refrigerant solutions such as ammonia, CO₂ and propane systems. This is supported by a sizeable pool of certified technicians that continues to expand.

With this fifth add-on investment, the platform strengthens its leadership in the dairy and cured meats segments, adds strong natural refrigerant chiller and AHU manufacturing capabilities, and expands its presence in attractive international markets, including Argentina and Australia, where Madefrigor benefits from decades-long partnerships with local dealers. The integration is expected to unlock meaningful commercial and operational synergies across the Group, while Madefrigor’s skilled technician base will further enhance the platform’s service capabilities.

Since entering the industry in early 2024, Ambienta has steadily developed the platform across multiple dimensions, with the aim of building a leading player aligned with the key environmental trends shaping the refrigeration industry. Alongside a disciplined organic growth strategy, Ambienta remains committed to further expanding the platform through the integration of companies with complementary technologies, service capabilities and market access.

The investment reflects the growing momentum of the c.€12bn European commercial and industrial refrigeration market, undergoing a structural transformation driven by sustainability imperatives, most notably the shift to low-GWP refrigerants and increasingly stringent energy-efficiency requirements. With refrigeration systems accounting for approximately 500 million tonnes of greenhouse gas emissions annually (around 1% of the global total), the adoption of cleaner and more efficient technologies has become a sector-wide priority. This backdrop supports industry consolidation and the scaling of solutions that reduce both direct emissions, from refrigerant leakage, and indirect emissions, from electricity consumption.

Together with the acquisition, the platform is unveiling “Glacialis” (www.glacialisgroup.com), its new group name. The rebranding extends beyond the name, introducing a completely redesigned visual identity that unites under one brand all existing and future member companies of the platform. Glacialis embodies the group's ambition: a single, integrated partner for the temperature-critical systems on which its clients' businesses depend, combining engineering excellence with a commitment to energy-efficient, low-emission solutions.

Massimiliano Lecchi, Private Equity Partner at Ambienta, commented: “The acquisition of Madefrigor adds a further building block to a platform that has grown remarkably in just over two years. Beyond the strong industrial fit, this transaction brings valuable natural refrigerant know-how and new avenues for international growth. The launch of Glacialis marks the natural next step of this journey: from a series of successful acquisitions to one group, with one identity and one ambition”.

Marco Rampichini, CEO of Glacialis, commented: “With Madefrigor and Tecnica del Freddo we welcome two businesses that share our technical culture and expertise in the food industry. Their expertise in natural refrigerant systems and air handling units perfectly complements our capabilities, and we look forward to working with Francesco and his team to unlock the significant synergies identified. Under the Glacialis name, all the companies that have joined us will now move forward as one.”

Francesco Bosa, shareholder of Madefrigor, added: “Joining the platform built under Ambienta's leadership is a natural step for Madefrigor and Tecnica del Freddo. As part of a larger group we will accelerate our development, broaden the technologies and services we offer to our loyal customers, and contribute our know-how to the wider platform. I am excited to become part of Glacialis and, together with Madefrigor’s team, contribute to the growth of the platform.”

Ambienta was advised by Ethica Group (M&A), Gatti Pavesi Bianchi Ludovici (Legal and Tax) and EY Parthenon (Commercial, Financial and HR).

About Ambienta

Ambienta is a European investment manager, founded in 2007, pioneering sustainable investing in environmental champions across private equity, public markets, and private credit. With offices in Milan, London, Paris, Munich and Stockholm Ambienta manages over €4.5 bn in assets and is backed by a global and growing investor base. The firm invests in companies driven by environmental megatrends and whose products or services improve Resource Efficiency or Pollution Control. Its science-driven approach identifies environmental champions of the real economy – businesses that deliver strong financial returns while generating measurable positive environmental impact.

An industry pioneer, Ambienta was one of the first UN PRI signatories in 2012 and attained B-Corp status in 2019. In 2020, Ambienta became IIGCC member and in 2023 committed to the Science-Based Targets initiative (SBTi). www.ambientasgr.com

Media Enquiries: ambienta@kekstcnc.com