Beijer Ref has signed an agreement to acquire 80% of the shares in Airwave, a leading HVAC distributor in the Baltic region. The Swedish group also holds an option to acquire the remaining shares. The acquisition is subject to approval by Estonia’s competition authority.
Founded in 1999 and headquartered in Tallinn, Estonia, Airwave also has sales offices in Riga, Latvia, and Vilnius, Lithuania. The company serves both residential and commercial sectors and reports an annual turnover of approximately SEK 600 million (around USD 54 million).
Airwave will continue to operate under its own brand. According to Beijer Ref, the acquisition is expected to have a minor positive effect on its financial results.
“Airwave is a strong brand in the region and reinforces our capabilities in the HVAC sector. The company’s product portfolio and proven industry experience enhance our ability to deliver a wider range of solutions to customers,” said Christopher Norbye, CEO of Beijer Ref. “The acquisition aligns with our strategy to strengthen market presence and leverage synergies and knowledge sharing company wide.”
