Beijer Ref has signed an agreement to acquire 90% of Lithuanian HVAC/R manufacturer Refra, with an option to acquire the remaining shares. Refra manufactures custom-engineered cooling and heating systems using natural refrigerants including CO2 (R744) and propane (R290) and has annual turnover of approximately SEK 500 million [approx. USD 53 million].
Established in 1994 and headquartered in Vilnius, Refra has a heritage in CO2 refrigeration and supplies high-efficiency propane chillers and heat pumps. Beijer Ref said the acquisition will strengthen its OEM portfolio with technology for indirect cooling and heating systems using natural refrigerants, particularly hydrocarbon-based solutions.
Refra will continue to operate under its own brand. The acquisition is expected to have a minor positive impact on Beijer Ref’s results. The transaction remains subject to approval by the competition authority in Lithuania as a condition of closing.
“This is a strategically important acquisition for Beijer Ref. It will strengthen our OEM portfolio with proprietary technology for indirect cooling and heating systems using natural refrigerants, with particular expertise in hydrocarbon-based solutions, while also expanding our customer base in CO2-based refrigeration,” said Jonas Steen, COO EMEA.
“As demand for natural refrigerant solutions continues to grow, this acquisition enhances our offering and creates opportunities to leverage our global sales network. We look forward to working closely with the existing management team to build on the company’s strong market position,” said Joel Davidsson, acting CEO and CFO of Beijer Ref.
