The Hoshizaki logo on top of its headquarters in Europe.
Hoshizaki's European headquarters. Photo via Hoshizaki.

Hoshizaki Acquires 25% Stake in Commercial Refrigeration Manufacturer Fogel for $28 Million

The corporation has also completed its acquisition of Turkish kitchen equipment manufacturer Öztiryakiler

Hoshizaki America, a wholly owned subsidiary of Japan-based foodservice equipment manufacuturer Hoshizaki, has announced it has acquired 25% of Fogel, a commercial refrigeration-solutions provider based in Panama with manufacturing facilities in Guatemala, for $28 million (€25.6 million).

Hoshizaki America manufactures commercial refrigerators and freezers and display cases that use isobutane (R600a) and propane (R290) refrigerants. The company transitioned its Steelheart lineup of commercial refrigeration equipment to R290 in 2021, which it said led to an average reduction in energy consumption of 11%.

With more than 55 years of refrigeration experience, Fogel manufactures isobutane and propane refrigerators, freezers and beverage coolers. The company has distributors in Latin America and the United States.

“The integration of Fogel into the Hoshizaki Alliance will enable the group to offer an even more comprehensive portfolio of products and solutions,” said Hoshizaki in an acquisition statement.

Chris Karssiens, President of the Hoshizaki Americas Region, welcomed Fogel into the Hoshizaki Alliance in a press release. “This partnership emphasizes our mission to provide best-in-class solutions to our customers through synergies between our companies,” he said.

“We are excited to join forces with the Hoshizaki Alliance and leverage our combined capabilities to drive growth and innovation in the commercial refrigeration market,” said Fogel’s President, Jacobo Gustavo Bernardo Tefel Farrer.

All the shares Hoshizaki acquired have voting rights. The company said it will acquire up to 51% of Fogel’s total shares over the next three years, making the manufacturer a subsidiary of Hoshizaki USA.

Hoshizaki noted that Fogel’s “well-established” Latin America network “will enable expediting penetration into the volume zone in the Americas” and further business development in the region’s growing markets.

Hoshizaki’s move into Latin America will be spearheaded by natural refrigerants.

Fogel completed the transition of its more than 200 product models from synthetic to natural refrigerants in 2023, according to a press release. “Today, every single commercial refrigeration model made by Fogel utilizes hydrocarbon refrigerants,” the manufacturer said.

At the end of 2022, Fogel began using solar power at its facilities in Mixco, Guatemala. According to the manufacturer, 1,350 roof-mounted solar panels provide 775kWp of power to the company’s manufacturing and administrative buildings, which it says has reduced its carbon footprint by 460 metric tons of CO2e emissions annually.

“The integration of Fogel into the Hoshizaki Alliance will enable the group to offer an even more comprehensive portfolio of products and solutions.”


Additional acquisitions

Hoshizaki has also announced that it has acquired a 51% ownership stake in Öztiryakiler Madeni Eşya Sanayi ve Ticaret, a Turkish food service equipment manufacturer. The acquisition process began in November 2019 when the company purchased 28.6% of the company’s shares from existing shareholders.

Öztiryakiler produces commercial refrigerators that can use both HFCs and R290. The company’s complete line of products includes dishwashers, convection ovens and exhaust vents, and it has sales channels in Africa, Asia, Europe and the Middle East.

“Hoshizaki and Öztiryakiler are creating synergies by strengthening the lineup of commercial refrigerators for the Hoshizaki brand in Europe and developing dishwashers for Asia using Hoshizaki’s sales channels,” said Hoshizaki.

In January 2022, Hoshizaki acquired Italian commercial ice-maker manufacturer Brema, which offers products that use propane, isobutane and CO2 (R744) refrigerants. Founded in 1985, Brema began making CO2 ice makers in 2013, with R290 units following in 2016.

“With the addition of Brema to our group, we aim to become the No. 1 commercial ice-maker manufacturer in Europe,” said Hoshizaki.

Headquartered in Toyoake, Japan, Hoshizaki Corporation develops, manufactures and sells commercial kitchen appliances and equipment globally. It has 55 group companies: 18 in Japan and 37 overseas.

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