A history spanning
more than 150 years
Beijer Ref's history rests on a long tradition of entrepreneurship. Since the brothers Gottfrid and Lorens Beijer established their life's work in 1866, the Group has undergone a number of changes. Acquisitions, mergers and divestments have characterised the company's development. The common denominator over the years has been that the company has always been involved in trading in some form.
The year is 1866
In 1866, Firma G Beijer was founded in Malmö by the Swedish businessman Gottfried Beijer. In 1877, the company was reorganised into G&L Beijer when Gottfried formed G&L Beijer together with his brother Lorens, and the company mainly traded in grain. In 1894, Waldemar Beijer started a branch in Stockholm, which later became the separate company G&L Beijer Import & Export. This company was later transformed into Beijer Invest and was linked to Beijer Bygg and Beijer Alma. In 1908, G&L Beijer was reorganised into a limited company.
An expanding business
During the 1930s, the company's shipments of coal and coke reached their peak, and new departments for building materials, export of machinery and timber trade were started due to the war in the 1940s. In 1939, Beijer's operations expanded to include coal, pig iron and rolled steel. In 1954, oil replaced coal as the main commodity for G&L Beijer, and in 1966, the company celebrated its 100th anniversary. What began with grain, coal and coke has today developed into a group that focuses entirely on refrigeration and air conditioning.
Key milestones in Beijer Ref’s history:
Skrinet AB acquired 62 per cent of the shares in G&L Beijer AB, which marked the beginning of a new era. Two years later, G&L Beijer became wholly owned by Skrinet.
Skrinet AB changed its name to G&L Beijer AB.
Through the acquisition of several Central European refrigeration wholesalers from Danfoss, Beijer Ref became the largest in Europe within its segment.
The acquisition of Carrier's European and African refrigeration business was the group's largest deal to date.
Beijer Tech was divested and G&L Beijer became a distinct distributor of refrigeration and HVAC.
An significant agreement with Toshiba gave Beijer Ref exclusive rights to distribute their air conditioning and heating products in 11 European countries. In the same year, SCM Frigo was acquired, which was a step towards the development of environmentally friendly cooling units.
G&L Beijer AB changed its name to Beijer Ref AB, in line with the business focusing entirely on refrigeration and HVAC.
Beijer Ref acquired the Australian refrigeration wholesaler Patton and established itself in new markets such as New Zealand, Australia and India.
Beijer Ref strengthened its position in Asia Pacific through the acquisition of Realcold, and in Europe through the acquisition of HRP, one of the UK's largest refrigeration wholesalers.
The acquisition of the South African refrigeration wholesaler Tecsa Reco was initiated, and Beijer Ref introduced the first environmentally adapted refrigeration system at Metro in China.
Beijer Ref acquired the Australian refrigeration wholesaler Heatcraft, which doubled the Group's sales in the Asia-Pacific region. Acquisitions were also made of Lumelco in Spain and GH2C in France.
EQT became the majority shareholder in Beijer Ref by acquiring 29.6 per cent of the shares and 26.4 per cent of the votes. Beijer Ref also acquired Sinclair, an HVAC company headquartered in Brno, Czech Republic.
Beijer Ref increased its holding in the Danish refrigeration company Fenagy A/S and acquired 80 per cent of the shares in the Greek air conditioning company Inventor.
Largest Acquisition to Date. Beijer Ref AB signed a binding agreement to acquire Heritage Distribution Holdings (“Heritage Distribution”) for a total purchase price of USD 1.275 billion (USD 1.175 billion excluding the net present value of tax benefits), on a cash and debt-free basis, amounting to approximately SEK 13 billion. This strategic move marks Beijer Ref's entry into the North American market. In addition, Beijer Ref acquired Deltron, a leading HVAC distributor in Croatia, and AAD and HVAC Consolidated in Australia.
Beijer Ref acquired Condex, a leading HVAC distributor in Bulgaria, and DS Maref in South Korea. They also made their first complementary acquisition in North America with the purchase of AMSCO Supply.
Beijer Ref’s success stems from strategic acquisitions and organic growth. With promising opportunities ahead, we are at the start of a continued growth journey, creating value for all stakeholders.
