Beijer Ref has signed an agreement to acquire 75% of the shares in Greek HVAC distributor FG Europe, with an option to acquire the remaining shares. FG Europe has an established presence across the Balkans, the UK, Ireland and Turkey, and annual turnover of approximately SEK 1.4 billion.
Founded in 1958 and headquartered in Athens, FG Europe provides HVAC solutions for residential and commercial applications. The company will continue to operate under its own brand following the acquisition.
Beijer Ref expects the acquisition to have a minor positive impact on its results. The parties have signed a binding agreement, while completion remains subject to approval by the relevant competition authorities.
“FG Europe is a valuable addition to our HVAC offering. The acquisition supports our ambition to further strengthen our product offering and market presence, while creating opportunities for collaboration and knowledge sharing across the Group. We look forward to continuing to build on FG Europe’s strong foundation and to further develop the business in close cooperation with its existing management team,” said Joel Davidsson, acting CEO and CFO of Beijer Ref.
