What Clabo does

Clabo S.p.A. is an Italian public company (listed on AIM Italia, now Euronext Growth Milan; ticker BIT:CLA) headquartered in Jesi that designs, manufactures, and sells commercial refrigeration display cases and furniture for the professional food-service and food-retail sectors. Its products serve bars, pastry shops, gelaterias (ice-cream parlors), and food-retail operators in Europe, North America, and Asia-Pacific. The company operates through a portfolio of six brands — Orion, FB (De Ranieri), Artic, Easybest, Howard McCray, and Bocchini — each addressing different price points, aesthetics, or vertical sub-segments, with manufacturing and commercial presence in Italy (Jesi), the USA (Howard McCray, San Francisco), and China (Qingdao Clabo Easy Best via the Clabo Pacific Holding sub-holding in Hong Kong).

The underlying technology is industrial rather than digital: Clabo builds physical refrigeration and display furniture, emphasizing product design, technical reliability, and environmental sustainability as the core differentiators. A 2018 AIM ESG Award from the UK Department for International Trade and IR Top Consulting signals sustainability positioning within the Italian listed SME universe, and ESG-linked covenants are embedded in the 2024 bond instrument. The company has no disclosed software platform, API, SDK, or AI/ML features; value is delivered through hardware design, brand recognition, and multi-geography distribution.

Clabo's business model is B2B hardware sales. Revenue is generated through direct sales to professional operators and through multi-brand distribution networks, with key disclosed contracts including a $10 million / 4-year US distribution agreement (September 2021) and additional US agreements worth $750k (January 2023). Period-over-period growth has been positive but decelerating — 1H 2021 revenue of €25.9M (+49% YoY) versus 1H 2022 revenue of €30.7M (+18.6% YoY) — with EBITDA margins compressing from 14.5% to 10.8% over the same period. Capital structure relies on minibonds and warrants: a €2.5M minibond in 2019, a 2016 €6M minibond for China, a 2024 €6.85M non-convertible bond underwritten by Anthilia Capital Partners SGR and Riello Investimenti SGR, and a 2024 PIK loan of up to €8.35M, the latter two explicitly supporting the consolidation of Howard McCray and continued US market development. Ownership is concentrated, with controlling shareholder Cla.Bo.Fin Srl at 60.55% of the 9,524,494 outstanding shares.

Name

Clabo

Legal name

Clabo S.p.A.

Website

https://clabo.it

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

101–250 employees

Short description

Clabo S.p.A. is an Italian public company that designs, manufactures, and sells commercial refrigeration display cases and furniture under six brands to bars, pastry shops, gelaterias, and food retail operators in Italy, the USA, and China.

Ownership category

akta.pro rank

Headquarters

HQ city

Jesi

HQ country

Italy

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Commercial Refrigeration Equipment Sales: Clabo generates revenue primarily through the design, manufacture, and sale of commercial refrigeration display cases and furniture under its six brands (Orion, FB, Artic, Easybest, Howard McCray, Bocchini) to bars, pastry shops, ice-cream parlors, and food retailers.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Clabo designs, manufactures, and sells commercial refrigerated display cases and furniture for the food service and food retail sectors. Its portfolio of six brands (Orion, FB, Artic, Easybest, Howard McCray, Bocchini) targets bars, pastry shops, ice-cream parlors, and food retail environments, with operations across Italy, the USA, and China.

Product overview

Clabo is a multi-brand company specializing in display cases, refrigeration equipment, and furniture for food service establishments including bars, pastry shops, and ice cream parlors. The company operates through six sub-brands: Orion, Artic, FB (De Ranieri), Easybest, Howard McCray, and Bocchini. Each brand serves specific market segments within the food service equipment industry. The company has global operations including production facilities in Italy and China, and distribution through its U.S. subsidiary Howard McCray.

Differentiator

Problem solved

Functional benefit

Brands

• Orion: Brand under Clabo Group for refrigeration display cases
• FB
• Artic
• Easybest
• Howard McCray
• Bocchini

Products and services

• Orion Sub-brand of Clabo Group offering display cases and refrigeration solutions for food service establishments.
• FB (FB De Ranieri) Sub-brand of Clabo Group providing display cases and showcase solutions for food service establishments.
• Artic Sub-brand of Clabo Group offering display cases and refrigeration solutions for food service establishments.
• Easybest Sub-brand of Clabo Group providing display cases and refrigeration products, with manufacturing operations in China through Qingdao Clabo Easy Best.
• Howard McCray US-based sub-brand specializing in display cases and refrigeration for food retail; operates as Clabo's American subsidiary headquartered in San Francisco, commercializing the Easy Best brand in the USA.
• Bocchini Sub-brand within Clabo's portfolio of furniture and display solutions for food service.

Quantifiable outcome

• Q3 2021 revenues of €37.8 million, up 42.1% YoY, with EBITDA of €4.6 million (12.1% margin)
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core and minor.

• Howard McCraycoreOthersHoward McCray is a US-based commercial refrigeration company in which Clabo holds a minority stake. Clabo exercised a call option on the minority shares in February 2024. The subsidiary is headquartered in San Francisco and commercializes the Easy Best brand in the USA. New commercial agreements in the USA totaled USD 750 thousand (January 2023) and a major agreement worth $10 million over 4 years with a primary distribution chain (September 2021). The bond issued in March 2024 is secured by shares in Howard McCray.
• RSM Società di Revisione e Organizzazione Contabile S.p.A.coreOthersRSM Società di Revisione e Organizzazione Contabile S.p.A. serves as Clabo's auditing company, responsible for reviewing and certifying the company's financial statements.
• IRP TOP (IR Top Consulting)minorOthersIR Top Consulting provides financial communication services to Clabo, including organizing AIM Investor Day events and producing analyst research coverage. They also awarded Clabo the AIM ESG award in 2018.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Hoshizaki: Hoshizaki is a global leader in commercial kitchen equipment, including commercial refrigeration and ice machines for foodservice and retail. Comparable to Clabo as a B2B manufacturer of professional-grade refrigeration, though with much broader geographic and product scope.
• Hussmann (Panasonic): Hussmann, owned by Panasonic, is a major North American manufacturer of refrigerated display cases and merchandising equipment for food retail. Highly comparable to Clabo/Howard McCray in the US supermarket display case segment, with a much larger installed base.
• Carrier Commercial Refrigeration: Carrier Commercial Refrigeration is a global manufacturer of integrated refrigeration solutions for food retail and foodservice. Competes with Clabo at the upper end of the food-retail display case market with much greater scale and broader product breadth.
• Electrolux Professional: Electrolux Professional is a global, publicly listed manufacturer of foodservice and laundry equipment. While broader in scope, it competes with Clabo in supplying refrigeration and food display solutions to hotels, restaurants, and bars.

Direct peers

• True Manufacturing: True Manufacturing is a US-based, privately held manufacturer of commercial refrigeration including display cases for foodservice and food retail. Directly competes with Howard McCray and the broader Clabo portfolio in the North American market.
• EPTA Group: EPTA Group is an Italian-headquartered manufacturer of commercial refrigeration, including display cases for retail and foodservice. One of Clabo's closest European direct competitors, with overlapping customer base in supermarkets and specialty food retail.
• Oscartielle: Oscartielle is an Italian manufacturer of professional refrigerated display cabinets and cold rooms for the food retail and HoReCa sectors. Direct competitor to Clabo in the European foodservice display case market with similar customer profiles.
• Frilixa: Frilixa is a UK/European manufacturer of commercial refrigeration serving foodservice and convenience retail. Comparable to Clabo in product offering (display cases, multidecks) and target customers, though with a UK-centric geographic focus.
• Foster Refrigerator: Foster Refrigerator is a UK manufacturer of commercial refrigeration products including display cabinets and grab-and-go units. Directly competes with Clabo in European foodservice and convenience-store refrigeration.
• Ugur Cooling: Ugur Cooling is a Turkish manufacturer of commercial refrigeration and display cabinets for foodservice and retail. Comparable to Clabo in product portfolio (display cases, bottle coolers) and channel to market, with a focus on value-oriented segments.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/clabo_spa
• YouTubeyoutube.com/channel/UCMzIDg9j3bRofcq8jH9k1mw
• Facebookfacebook.com/clabospa
• LinkedInlinkedin.com/company/clabo

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Clabo