Frigel completes takeover of Green Box

Frigel Firenze S.p.A. based in Scandicci, leader in industrial cooling systems, has reached  an important goal by taking over the company Green Box S.r.l. from Padua, with the aim of creating an increasingly important reference point in the market of industrial refrigeration worldwide.

 

This operation concerned 100% of Green Box shares, and confirms Franco Spiandorello and Caterina Spiandorello, formerly chief executive officer and managing director of the company, as key figures in the Frigel management team.

 

The takeover of Green Box will allow Frigel to further strengthen its presence on the international market by creating a group with a turnover of over 70 million euro with significant margins and interesting growth prospects, ready to accept the challenges of the competitive global market.

 

Green Box specializes in industrial refrigeration and temperature control systems.

 

Founded in 1991 in Piove di Sacco (Padua), Green Box is an important company in the world of industrial refrigeration and temperature control, specialized in the production of machines and systems for industrial processes using water and other fluids for temperature control. Green Box solutions may be custom-built and are applicable in a wide range of industrial applications such as plastic processing, biogas and energy production, metal die casting and the food industry.

 

Frigel Firenze S.p.A., operating since the sixties, is a well known enterprise all over the world, with a turnover of approx. 60 million euro, a steady growth rate  for more than twenty years (approx. 20% of CAGR over the last three years) and an EBITDA exceeding 10% of earnings. Frigel produces cooling systems, chillers and temperature controllers for industrial applications, using advanced technologies for process cooling and temperature control, thanks to the development of efficient and reliable cooling solutions and a manufacturing and sales structure deployed in Italy, USA, Germany, Brazil, India and Thailand. 

 

For almost sixty years Frigel has been offering advanced technological solutions for the leading players in fields such as rubber and plastic processing, production and bottling of drinks, metal processing, oil&gas and naval industries, guaranteeing high efficiency performance in terms of energy and water consumption, as well as a significant  reduction in maintenance work and scraps production, and optimization of operating performance of its customers' facilities.

 

Frigel produces cooling systems, chillers and temperature controllers for industrial applications.

 

 “We are happy that Green Box is now part of our group.  There is  great technical and innovative potential in Green Box that can now find its natural outlet thanks to  the Frigel Group's stronghold on international markets” declared Duccio Dorin, Frigel's Chief Executive Officer.  

 

In this operation Frigel was assisted by  Deloitte Financial Advisory acting as financial advisor, with team members Andrea Zen and Marco Parisi coordinated by partner Lorenzo Parrini. Deloitte also conducted the financial and fiscal due diligence under the supervision of Luca Zesi and Marcello Braglia. Legal assistance was also provided to Frigel by Deloitte Legal (partner Massimo Zamorani). 

 

The law firm Terrin Associati provided legal assistance to Green Box for the preparation of the contractual documents.

 

“The takeover of Green Box by Frigel is an interesting case of sector convergence between italian family businesses. The combination of two enterprise success stories will give rise to industrial synergy that will allow Frigel to continue on its path of growth and development, with ever-increasing affirmation of its role as leader of its reference market” declared Lorenzo Parrini, partner of Deloitte Financial Advisory. For more information, visit: www.frigel.com