Indel B

What Indel B does

Indel B S.p.A. is an Italian manufacturer of mobile refrigeration and air conditioning systems, founded in 1967 in Sant'Agata Feltria and listed on the Milan Stock Exchange (ticker: INDL) since 2017. The company designs and produces DC-powered cooling and climate-control solutions for commercial vehicles, recreational vehicles, marine vessels, and hospitality installations, operating through sub-brands including Autoclima (commercial vehicle air conditioning, 148 products), OFF (outdoor and van-life 12V refrigeration), Sleeping Well (DC parking air conditioning), Indel Marine and Isoterm (marine refrigeration, 109 products), FRIDOM (hospitality minibars and safes, 66 products), and Condor B (engine-off vehicle AC). The portfolio spans built-in and portable refrigerators, parking air conditioners, wine cellars, refrigerated transport systems, and water heaters, built on proprietary compressor technology with patented features such as K Cellar Smart (dual-temperature wine cellars) and Pre-Adaptive Technology (smart climate learning for the Plein-Aircon 12V air conditioner). Headcount exceeds 800 employees across Italian headquarters, production, and international commercial branches.

The company serves five principal segments: automotive OEM and aftermarket, leisure and adventure (RVs, camper vans, motorhomes), marine (boats and yachts), hospitality (hotels, cruise ships), and Ho.Re.Ca. / cooling appliances (wine cellars, milk refrigeration for professional beverage preparation). Customers include major commercial vehicle manufacturers (Scania, Iveco, DAF, Renault, Volvo, Kenworth, Peterbilt, Irizar, Irisbus, Karosa) and hotel chains (Hilton, NH Hotels, Dusit Thani, Conrad, Raffles, Fairmont). Distribution combines direct OEM partnerships with wholly-owned subsidiaries in the USA, Germany, France, Spain, Poland, and Brazil, supplemented by aftermarket channel partners, marine resellers, and a B2B spare-parts e-commerce store. The company holds IATF 16949, ISO 9001, ISO 14001, and AQAP/NATO military certifications.

The revenue model is B2B hardware sales via custom-quote OEM contracts and channel-based aftermarket distribution; pricing is not publicly disclosed. In FY2025, Indel B generated EUR 207.4 million in revenue (+1.9% YoY), EUR 23.7 million in adjusted EBITDA (+4.5%), and EUR 10.2 million in net profit (down from EUR 11.6 million in FY2024 due to higher net debt and acquisition costs). Strategic focus is shifting from OEM dependence toward higher-margin aftermarket distribution; the leisure segment grew 33.6% in FY2025 following the June 2025 acquisition of full ownership of Indel Marine, while the automotive core contracted 2.3%. Management has flagged near-term risks from raw material costs, supply chain disruptions tied to geopolitical tensions, and component availability challenges.

Name

Indel B

Legal name

Indel B S.p.A.

Website

https://indelb.com

Company type

Public

Founded year

1967

Operating status

Operating

Headcount range

251–500 employees

Short description

Indel B S.p.A. (Milan: INDL) is an Italian manufacturer of mobile refrigeration and air conditioning systems serving commercial vehicle OEMs, RV and marine markets, and hotels. Operating across sub-brands Autoclima, OFF, Indel Marine, and FRIDOM, it generated EUR 207.4M in FY2025 revenue.

Ownership category

akta.pro rank

Product category

Mobile refrigeration and air conditioning

NAICS

Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

Automotive HVAC Modules & Integrated Climate Units (IMACALAA)

akta.pro secondary industry

Automotive Air Distribution & Ventilation Components (Blower Motors/Ducts/Vents/Cabin Filters) (IMACALAF)

Keywords

• Mobile refrigeration systems
• Vehicle air conditioning
• Marine refrigeration equipment
• Commercial cooling products
• Hospitality minibars

Headquarters

HQ city

Sant'agata Feltria

HQ country

Italy

HQ region

Europe

Offices11 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Automotive OEM and Aftermarket: Revenue from cooling and refrigeration systems for commercial vehicles including air conditioners, built-in refrigerators, and portable refrigerators sold to OEM manufacturers and aftermarket channels. Automotive sector experienced 2.3% sales decline in FY2025.
2. Leisure and Marine: Revenue from refrigeration for recreational vehicles, boats, and marine applications. The leisure segment grew 33.6% in FY2025 driven by the Indel Marine acquisition completed on June 13, 2025.
3. Hospitality: Revenue from minibars, safes, refrigerated wine cellars, and Frigo Milk products for hotels, cruise ships, and hospitality facilities.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels2 records

Core offering

Indel B manufactures and supplies mobile refrigeration and air conditioning systems. Its product portfolio includes built-in and portable refrigerators, parking coolers, 24V and 12V air conditioners, refrigerated vehicle systems, marine cooling units, wine cellars, and hotel/cruise ship minibars, sold primarily through OEM partnerships with commercial vehicle manufacturers and via aftermarket/distributor channels.

Product overview

Indel B is a leading supplier of mobile refrigeration and air conditioning systems serving Automotive, Adventure/Recreational Vehicles, Marine, and Hospitality markets. The company operates through multiple sub-brands including Autoclima (vehicle air conditioning with 148 products), OFF by Indel B (12V outdoor refrigeration), Sleeping Well (DC-powered vehicle climate control), Frosty (refrigerated transport systems), Indel Marine (marine refrigeration with 109 products), and FRIDOM (hospitality minibars and safes). The product portfolio spans built-in and portable refrigerators, parking air conditioners, wine cellars, water heaters, and specialized cooling solutions for commercial vehicles, boats, hotels, and cruise ships. With over 50 years of experience and operations in 5 continents, the company integrates acquisitions (Isoterm/Indel Marine) and maintains manufacturing in Italy.

Differentiator

Problem solved

Functional benefit

Brands

• Autoclima: Vehicle air conditioning systems including parking coolers, refrigerated vehicles, special vehicles, military vehicles, agricultural vehicles, and components for trams, trains, and aerospace applications.
• OFF by Indel B
• Indel Marine
• FRIDOM
• Sleeping Well

Products and services

• Autoclima vehicle air conditioning systems

Quantifiable outcome

• Revenue grew 1.9% to EUR 207.4 million in FY2025
• +2 more outcomes

Named customers17 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

One partnership is on record.

• Indel MarinecoreStrategic or Co-development Partner · 13 June 2025Indel B completed acquisition of full ownership of Indel Marine on June 13, 2025. This acquisition drove 33.6% growth in the leisure segment. Indel Marine specializes in marine refrigeration solutions including built-in refrigerators, freezers, cooling boxes, wine cellars, water heaters, and safes for boats.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Dometic: Dometic is the closest direct competitor to Indel B, offering mobile refrigeration, air conditioning, and climate control solutions across RV, marine, automotive, and hospitality segments globally. Both companies serve the same customer base of OEMs and aftermarket channels for camper vans, trucks, boats, and hotels.
• Webasto: Webasto is a leading automotive HVAC specialist supplying roof systems, parking heaters, and climate control modules to commercial vehicle OEMs in Europe. It directly competes with Indel B's Autoclima and Sleeping Well sub-brands for OEM design-ins in trucks and buses.
• Thermo King (Trane Technologies): Thermo King, part of Trane Technologies, is the global leader in transport refrigeration for trucks, trailers, and containers. It directly overlaps with Indel B's Frosty refrigerated vehicle systems and Autoclima transport cooling portfolio for pharmaceutical and food transport.
• Eberspächer: Eberspächer is a major German supplier of vehicle heating and air conditioning systems for commercial vehicles, buses, and special-purpose vehicles. It competes directly with Indel B's Autoclima sub-brand in European truck and bus HVAC markets.
• Vitrifrigo: Vitrifrigo is an Italian manufacturer of mobile refrigeration for trucks, RVs, boats, and outdoor use, headquartered in the same domestic market as Indel B. It competes directly across Indel B's automotive, adventure, and marine product lines with overlapping compressor-based portable and built-in refrigerators.
• Carrier Transicold: Carrier Transicold is a global provider of refrigerated transport solutions for trucks, trailers, and containers, specializing in temperature-controlled logistics. It directly competes with Indel B's Frosty refrigerated vehicle product family for cold chain applications.
• Engel Coolers: Engel is a specialist manufacturer of portable compressor-based refrigerators widely used in trucking, RVing, and outdoor adventure markets. It directly competes with Indel B's OFF by Indel B Travel Box portable refrigeration product line in the adventure and automotive segments.

Emerging players

• ARB: ARB is an Australian 4x4 accessories manufacturer whose product range includes portable fridge/freezers for overlanding and outdoor adventure use. It overlaps with Indel B's OFF by Indel B product line in the adventure/leisure segment but focuses more on consumer retail channels.

Market position

Strengths5 records

Weaknesses3 records

Competitive moat4 records

Customer concentration

• Xx.com/indelb

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

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 Indel B