Beijer Ref Acquires 75% Stake in Spanish Air Conditioning Leader GIA Group

Beijer Ref has announced an agreement to acquire 75% of the shares in GIA Group, with an option to purchase the remaining shares in the future. GIA Group, a prominent air conditioning company and one of Spain's largest distributors, reported a turnover of SEK 1.1 billion during the 2023 fiscal year, showcasing solid profitability.

Founded in 2000 and headquartered in Barcelona, GIA Group has become a market leader in Spain, recognized for its high-performance and innovative air conditioning products. The company will continue to operate under its brand, maintaining its distribution and marketing operations, and employs approximately 100 people.

Christopher Norbye, CEO of Beijer Ref, stated, “We are pleased to welcome GIA Group to the Beijer Ref Group. Their innovative products will be a strong complement to our existing range. The acquisition aligns with Beijer Ref’s overall acquisition strategy and provides us with access to many strong brands in Southern Europe.”

The acquisition is expected to have a minor positive impact on Beijer Ref’s financial results, with promising prospects for continued growth and significant synergies anticipated.