Industrial cooling system supplier Frigel Firenze SpA has entered into an agreement to purchase competitor Green Box srl. Both companies are headquartered in Italy.
May 7, 2018 by Canadian Plastics
Industrial cooling system supplier Frigel Firenze SpA has entered into an agreement to purchase competitor Green Box srl.
Both companies are headquartered in Italy.
The deal concerned 100 per cent of Green Box shares, and elevates Franco Spiandorello and Caterina Spiandorello, formerly the CEO and managing director of Green Box, into key figures in the Frigel management team.
Frigel manufactures cooling systems, chillers, and temperature controllers for industrial applications. The company’s North America operations is based in East Dundee, Illinois.
“We are pleased that Green Box is now part of our group,” Frigel CEO Duccio Dorin said in a statement. “There is a strong technical and innovative potential in Green Box, which, thanks to the strong presence of the Frigel Group in international markets, will now be able to find its natural outlet.”
“The takeover of Green Box by Frigel is an interesting case of sector convergence between Italian family businesses,” Deloitte Financial Advisory – which acted as a financial advisor to Frigel during the deal – said in its own statement. “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.”
Founded in 1991, Green Box manufactures industrial chillers, process coolers, fluid coolers, temperature controllers, and mold dryers. The company’s North American subsidiary, Green Box America Inc., is headquartered in Schaumburg, Illinois.