Metalfrio buys Elstat’s former data services division

BRAZIL/UK: Metalfrio, the Brazilian manufacturer of plug-in commercial refrigeration equipment, has acquired UK IoT company Assets 365 Ltd.

Assets365 was incorporated as an independent company on July 2, after splitting from Preston-based refrigeration controls company Elstat. It was previously Elstat’s data services division.

Metalfrio, which also owns the Caravell, Derby and Klimasan brands, is the leading manufacturer of commercial refrigerators and freezers in Latin America.

“The acquisition of Assets365 further solidifies Metalfrio’s leadership in connectivity and related service offerings,” said Metalfrio Solutions CEO Petros Diamantides. “The solutions provided by Assets365 leverage IoT data, thereby realising operational excellence and tangible results for the success of our clients.”

Geoff Morley, CEO of Assets365, and previously CEO of Elstat, becomes Metalfrio’s global connectivity leader. “The global resources, service organisation, and deep customer contacts of the Metalfrio Group will allow Assets365 to accelerate the global roll-out of our value-added solutions. We are highly pleased to deepen the partnership that is based on the existing long-term collaboration between the companies,” he said.