Beijer Ref AB announces that the waiting period for the regulatory process regarding the acquisition of Heritage Distribution Holdings has expired without Beijer Ref having received any objections or inquiries from the regulatory authority. The acquisition will close on 20 January 2023, subject to standard closing conditions.
Beijer Ref has signed a binding agreement with Gryphon Investors to acquire Heritage Distribution, a leading North American distribution company for HVACR equipment, parts and supplies. The acquisition includes approximately 98% of the shares in Heritage Distribution and the remaining shareholding will continue to be held by current management. The acquisition will be Beijer Ref’s entry into the North American market and will establish the company as a leading HVACR distributor in the U.S. South/South East region, one of the most attractive regions for HVACR in North America.
Heritage Distribution originated from mergers of three regional leaders, each with longstanding track-records and strong brands – Wittichen Supply (founded in 1914), Benoist Brother Supply (founded in 1928) and Ed’s Supply (founded in 1957). Heritage Distribution is headquartered in Atlanta, Georgia, with 64 branches in ten states and approximately 800 employees.
Heritage Distribution provides an ideal platform from which Beijer Ref is well placed to drive consolidation of the North American market. Beijer Ref will add strategic synergies to Heritage Distribution’s operations in new technologies such as CO2-based systems, global supplier agreements, private label products (both in HVAC and refrigeration) and strong capabilities in M&A. In addition, Heritage Distribution has a broad and diverse product portfolio with comprehensive brands that will complement Beijer Ref’s current product offering.