Beijer Ref has signed an agreement to acquire 51 percent of the shares in the Australian air conditioning company AAD (Australian Airconditioning Distributors Pty Ltd) and HVAC Consolidated (HVAC Consolidated Pty Ltd), with the option to acquire the remaining shares.
During the Australian financial year, which ended on 30 June 2022, AAD and HVAC Consolidated had a combined turnover of approximately SEK 800 million with good profitability. Sellers of AAD and HVAC Consolidated, and holders of the remaining 49 percent in each company, are Aircon Concepts Pty Ltd and Coldflow Airconditioning Pty Ltd. Completion of the transaction is expected to take place on November 1, 2022.
AAD and HVAC Consolidated are based in Melbourne, Australia, with AAD having geographical coverage in three states. The companies, together, have established relationships with international manufacturers within air conditioning, as well as a broad product portfolio with the AAD brand. Beijer Ref, AAD and HVAC Consolidated will together expand their current product portfolio and create synergies within purchasing.
AAD will continue to operate under its own brand, in both distribution and marketing. The acquisition will have a positive impact on the Beijer Ref Group’s results and position. AAD and HVAC Consolidated have approximately 125 employees.
Christopher Norbye, CEO Beijer Ref, comments: ”The acquisition of AAD and HVAC Consolidated aligns with our growth strategy and complements our existing offering in Australia well. AAD has very good conditions for continued strong growth and we look forward to developing the companies together with the existing owners.”
The purchase price, for 51 percent of the shares, amounts to approximately SEK 480 million on a debt-free basis and the acquisition is financed via cash and existing credit facilities.