Beijer Ref acquires leading air conditioning company in Spain

Beijer Ref has signed an agreement to acquire 75 per cent of the shares in GIA Group, with an option to acquire the remaining shares. GIA Group is an air conditioning company and one of Spain’s largest distributors with several own strong brands. The turnover during the completed fiscal year 2023 amounted to SEK 1.1 billion with good profitability.

GIA Group was founded in 2000 and has since established itself as a leading entity in Spain in the development of high-performance and innovative air conditioning products. The company provides a professional team that possesses great expertise and has many years of experience in the industry.

GIA Group is headquartered in Barcelona (Spain) and will continue to operate under its own brand, in both distribution and marketing. The acquisition is expected to have a minor positive impact on Beijer Ref’s result. GIA Group employs approximately 100 people.

Christopher Norbye, CEO Beijer Ref, comments:

“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. With GIA Group’s good prospects for continued growth, we look forward to realising significant synergies and further developing the company together with the existing management.”

Malmö, 2 August, 2024
Beijer Ref AB (publ)

For more information, please contact:
Joel Davidsson
CFO
Telephone +46 40-35 89 00
Email jdn@beijerref.com

Niklas Willstrand
Director of Global Communications
Telephone +46 40-35 89 00
Email nwd@beijerref.com

BEIJER REF AB is a technology-oriented trading Group which, through added-value products, offers its customers competitive solutions within refrigeration and climate control. Beijer Ref is one of the largest refrigeration wholesalers in the world, and is represented in 45 countries in Europe, North America, Africa and Asia and Oceania. Website: www.beijerref.com