Mexican-Based Bohn Acquires Chilean Company Intercal in Key Industrials Deal

Intercambiadores de Calor S.A. (“Intercal”) is one of Chile’s largest manufacturers of air conditioning equipment and its related products, including evaporators, air condensers, and industrial fans. The company uses cutting-edge technology to provide tailor-made integrated industrial climate control solutions to a diverse customer base comprising industrial clients in Chile and abroad.

Bohn de México S.A., de C.V. (“Bohn”), a subsidiary of Lennox International Inc. (“Lennox”), is a major Mexican commercial and industrial refrigeration manufacturer that exports its products to several LATAM countries. The company was looking to enhance its international operations, optimize its line of cooling equipment to bring it to a new level of competitiveness and energy efficiency, as well as enter new LATAM markets. Intercal, a large and relevant industry player was therefore, the ideal acquisition target.

Following its acquisition of Intercal, Bohn will be able to leverage its business by offering existing and new clients commercial refrigeration equipment, specialised tailor-made refrigeration equipment with cutting-edge technology, and the opportunity to reach new LATAM countries and establish a sales platform across the region. Furthermore, with the support of Lennox, a leading provider of climate control solutions for heating, air conditioning, and refrigeration markets around the world, the company will be able to contribute to the innovation and development of sustainable tech solutions in the industrial refrigeration industry in an effort to make it more environmentally friendly.

The global industrial refrigeration market reached US$ 19.6 billion in 2021 and is expected to achieve a revenue CAGR of 5.3% between 2022-2030¹, driven by increasing demand for industrial refrigeration across various end-use industries such as Fast-Moving Consumer Goods (FMCG) and Pharmaceuticals, amongst others. The increasing adoption of energy-efficient facility design is a key driver of revenue growth.

The team from South Andes Capital - IMAP Chile acted as the sole financial advisor to Inversiones Magnani on the sale of a 100% equity stake in Intercal to Bohn.