SAO PAULO, Brazil - Metalfrio Solutions S.A.., a manufacturer of commercial refrigerators for use in Latin America, announced Wednesday that it as acquired Refrigeración Nieto, S.A. de C.V. (Nieto), a Mexican commercial refrigeration company, for $13.5 million, including $9.9 million in cash and 3.6 million in short-term-debt assumption.
The transaction also includes the real estate properties related to Nieto’s plant and offices, and the rights to use the brands Nieto and Silverfox for 36 months.
The Nieto acquisition is part of Metalfrio's global consolidation strategy that began with the acquisition of the Danish group, Caravell/Derby, last year and the company IPO, last April.
Metalfrio plans to invest $2 million to expand production in Mexico.
Metalfrio currently has plants in Denmark, Russia, Turkey and two in Brazil.