Beijer Ref acquires leading HVAC distributor in Hungary
Beijer Ref has signed an agreement to acquire 80 per cent of the shares in Cool4U, with an option to acquire the remaining shares. Cool4U is a leading HVAC distributor in Hungary, providing solutions for both residential and commercial projects. The company has an annual turnover of approximately SEK 500 million and with good profitability.
Founded in 2001, Cool4U is headquartered in Szarvas (Hungary) and offers a comprehensive product range within the HVAC sector. With many years of experience, they provide a professional and dedicated team committed to ensuring the highest quality and customer satisfaction.
Cool4U will continue to operate under its own brand, in both distribution and marketing. The acquisition is expected to have a minor positive impact on Beijer Ref’s results.
The parties have signed a binding agreement; however, the transaction needs to be approved by the competition authority in Hungary and an FDI (Foreign Direct Investment) screening will also be carried out as conditions of closing.
Christopher Norbye, CEO Beijer Ref, comments:
"Cool4U has strong brand recognition in the region and further enhances our offering in the HVAC sector. The company’s wide range of products, coupled with their extensive experience and dedication, allows us to provide even more solutions to our customers. The acquisition supports our acquisition strategy to diversify our product portfolio and extend our market presence. We look forward to continuing to develop the company and its brand together with the existing management team."
Malmö, June 19, 2024
Beijer Ref AB (publ)
For more information, please contact:
Joel Davidsson
CFO
Telephone +46 40-35 89 00
Email [email protected]
Niklas Willstrand
Director of Global Communications
Telephone +46 40-35 89 00
Email [email protected]
BEIJER REF AB is a technology-oriented trading Group which, through added-value products, offers its customers competitive solutions within refrigeration and climate control. Beijer Ref is one of the largest refrigeration wholesalers in the world, and is represented in 45 countries in Europe, North America, Africa and Asia and Oceania. Website: www.beijerref.com