ntercambiadores 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.

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ntercambiadores 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-
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The team from South Andes Capital - IMAP Chile acted
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the sale of a 100% equity stake in Intercal to Bohn.
GABRIEL SAN MARTIN
Managing Partner
South Andes Capital
IMAP Chile
gabriel.sanmartin@imap.com
JOSÉ GABRIEL COLL
Partner
South Andes Capital
IMAP Chile
gabriel.coll@imap.com
SEBASTIAN PARAM
Senior Analyst
South Andes Capital
IMAP Chile
sebastian.param@imap.com
Mexican-Based Bohn Acquires
Chilean Company Intercal in
Key Industrials Deal
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Emergenresearch, Industrial Refrigeration Market.
CROSS-BORDER FOCUS CASE STUDIES /
INDUSTRIALS