Ambienta taps into HVAC/R with Frigoveneta deal

Frigoveneta is a commercial refrigeration service provider.

  • Frigoveneta is based in Verona, Italy
  • Frigoveneta’s founders Giovanni Degan, Roberto Mambrin and Paolo Dall’Aglio will retain minority stake
  • Ambienta is a European environmental sustainability investor

Ambienta will acquire a majority stake in Frigoveneta, a commercial refrigeration service provider.

Frigoveneta is based in Verona, Italy. It provides centralised refrigeration systems for food retail and cold storage applications.

Frigoveneta’s founders Giovanni Degan, Roberto Mambrin and Paolo Dall’Aglio will retain minority stake in the company.

“This represents our first investment in HVAC+R [heating, ventilation, air conditioning and refrigeration], a sector clearly shaped by sustainability drivers and one in which Ambienta has built significant knowledge over the past years,” said Francesco Lodrini, private equity partner at Ambienta.

Ambienta will support Frigoveneta in scaling its business domestically and internationally, according to a release.

Commercial refrigeration is a €12 billion market driven by two sustainability trends: energy efficiency and the transition to low-global warming potential refrigerants, the release said.

No financial details of the transaction were disclosed.

Ambienta is a European environmental sustainability investor based in Milan, Italy.

Ambienta was advised by Bain (commercial), EY (financial, operations, IT, debt advisory and ESG), Gatti Pavesi Bianchi Ludovici (legal, tax and structuring) and ION (insurance).