Market news, 22 July 2024
The global refrigeration wholesaler Beijer Ref has signed an agreement to acquire all the shares in the Australian distribution company Complete Air Supply.
Complete Air Supply (CAS) is a leading manufacturer and distributor of ducting and associated fittings within air conditioning in Australia with around 40 employees. Sales are made through a distribution network of three branches in Queensland. Annual sales amount to approximately SEK 130 million. Beijer Ref acquires CAS from one main principal owner. Beijer Ref is already present in Australia through Beijer Ref Australia, Kirby and ACD Trade. The acquisition strengthens the Group’s overall presence in APAC-region and sales amounts to about 3 billion SEK.
Per Bertland, CEO Beijer Ref, comments:
“Australia is an important market for us, and it is pleasing that we found an opportunity to grow further. CAS is a well-managed and fast-growing company that will add value to our group in the form of a broader product range within air conditioning. CAS is already an existing supplier to Beijer in Australia in Queensland. This acquisition greatly enhances our position in the residential ducted market and, more broadly into the commercial segment of our industry. CAS’s products, experience and expertise will complement our Air conditioning product offering as well as adding to our existing customer base.”
The parties have signed a binding agreement today and completion is scheduled for 1 February 2021. CAS will continue in its existing form. The acquisition is expected to have a marginal positive impact of the Beijer Ref Group’s result.
